Welspun Syntex - Outcome Of EGM

Welspun Syntex Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 06, 2007 inter alia, have passed a Special Resolution for reduction of the paid-up share capital of the Company by (i) cancellation of Rs 7.50 of every equity share of Rs 10 each fully paid up: and simultaneously thereafter, consolidating four (4) numbers of fully paid up equity shares of Rs 2.50 each in to one(1) equity shares of Rs 10 each fully paid (after cancellation of 1(one) fraction equity share), resulting in the issued, subscribed and paid up equity shares capital of the Company of Rs 94,58,01,090 consisting of 9,45,80,109 equity shares of Rs 10 each to be reduced / consolidated to Rs 23,64,50,270 consisting of 2,36,45,027 equity shares of Rs 10 each fully paid up by adjusting (a) debit balance of Rs 44,25,57,908 in the Profit and Loss Account for the year ended March 31, 2007 which has arisen as a result of substantial diminution in the value of fixed assets of the Company and (b) creating Capital Revenue of Rs 26,64,92,912 on the Record Date / Book Closure to be fixed by the Board.