Silverline Tech begins demerger, reorganisation process

Mumbai, May 21 (UNI) In order to undertake the simultaneous exercise of de-merger and re-organisation, the Board of Directors of Silverline Technologies at their meeting here today discussed the proposal of reduction of its paid up equity share capital.

As per the proposal, the per share paid up value of Rs 10 will be reduced to Rs 1 each per share paid up simultaneously and immediately thereafter consolidation of Rs 10 equity share of Rs 1 each, into one Equity Share of Rs 10 fully paid up, the company said in a disclosure to the Bombay Stock Exchange (BSE).

The company further said that the differential amount arising on the re-organization of the issued and subscribed equity shares will be used along with the available share premium reserve for the purpose of adjusting the debit balance in the profit&loss account, de-merger of animation division and for the purpose of creating capital reserve.

The Board has reiterated that for every 100 shares held by shareholders prior to capital reduction 4 shares of Rs 10/- each will be issued to shareholders in Silverline Animation Technologies Ltd.

UNI