Kesar Petroproducts Ltd has said that the company’s board members at the extra ordinary general meeting (EGM) held on March 10 has decided to reduce the subsisting fully paid up 2,67,31,735 equity shares of Rs 10 by issuing and assigning 2,67,317 new equity shares of Rs 10 each with the intention that the new shares are issued in the ratio of one new equity share for every 100 existing equity shares.

In a declaration, the company said, “The members at the extra ordinary general meeting (EGM) of the company held on 10th March decided that as per the rehabilitation scheme by the Board of Industrial and Financial Reconstruction under the supplies of the Sick Industrial Companies (Special Provisions) Act, 1985.”

The company was jointly promoted by Maharashtra Petrochemicals Corporation, Ltd. (MPCL) and by Shailendra C. Bagrodia, Sanjay Bagrodia and Sushil Kumar Sharaf of Sobhagya Mercantile Ltd. (SML).

Kesar Petroproducts Ltd supplies speciality chemicals, additives and fillers for plastic and rubber industries.