Hindustan Copper - Outcome Of EGM

Hindustan Copper Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on August 16, 2007, inter alia, have transacted the following:

1. Subject to confirmation of the Ministry of Corporate Affairs / Company Law Board and any other Government agencies, the paid up equity share capital of the Company be reduced from Rs 768,21,80,000/- divided into 76,82,18,000 equity shares of Rs 10/- each to Rs 384,10,90,000/- divided into 76,82,18,000 equity shares of Rs 5/- each, and that such reduction be effected by cancelling the equity share capital of Rs 384,10,90,000/- which has been lost or unrepresented due to past accumulated losses to the extent of Rs 5/- per equity share in each and every equity shares of the Company which have been issued.

Further the Preference share capital amounting to Rs 180,73,24,000/- comprising of 18,07,324 nos. 7.5% non cumulative redeemable preference shares of Rs 1000/- each held by the President of India, be waived off and adjusted against accumulated losses of the Company.