Lucknow, Jan 6: In a major decision, the Board of directors of Century Plyboards (I) Ltd has approved the split of the existing equity shares of face value of Rs 10 each into 10 equity shares of Re 1 each.
The board meeting held recently, has also decided that the approval of the shareholders will be sought through the postal ballot. However,the record date for giving effect to this will be decided by the Board at a later date. Now after the split of the shares the Authorised Share Capital of the Company will be restructured and altered from Rs 50,00,00,000 (Rupees Fifty crore only) divided into 4,90,00,000 (Four crore ninety lacs) equity shares of Rs 10 (Ten) each and 10,00,000 (Ten lacs) Preference Shares of Rs 10 (Ten) each to Rs 50,00,00,000 (Rupees Fifty crore only) divided into 49,00,00,000 (Forty-nine crore) equity shares of Re 1 (one) each and 10,00,000 (Ten lacs) Preference Shares of Rs 10 (Ten) each.
Century Plyboards (I) Ltd (CPIL) Manging Director Sajjan Bhajanka in a statement here today said the existing issued Equity Share Certificates of the Company as are held by Shareholders in physical form shall be taken as cancelled and fresh Share Certificates will be issued for the sub-divided Equity Shares in accordance with the provisions of the Companies (Issue of Share Certificates) Rules, 1960.
''In case of shareholders holding Equity Shares (or opt to receive the sub-divided Equity Shares) in dematerialised form, the sub-divided Equity Shares will be credited to the respective beneficiary account(s) of each Shareholder with their respective Depository Participant(s)'' he said.
Mr Bhajanka, also said that, this move would facilitate easy accessibility of the Company's shares to prospective investors and also enhance the liquidity for the existing investors.
Century Plyboards (I) Ltd, the first ISO 9002 Company in India for plywood and veneer, started its operations in 1986. In a very short span, it has created a niche for itself and is the market leader in this sector. Century has its manufacturing unit at Bishnupur near Joka equipped with the world-class technology. Century today manufactures the entire range of commercial, marine, concrete, shuttering and decorative plywood. Centuryply also offers Hi Pressure Laminates, Pre- Laminated Particle Board and MDF.