MUMBAI, India, April 12, 2022 /PRNewswire/ — La Tim Metal & Industries (BSE: LATIMMETAL) (Script Code # 505693), a listed company in the steel trade since 1987, dealing with Colour Coated Steel Sheets, announced that subsequent to their Board of Directors meeting held on 8th April 2022, they have considered and approved a stock split.
Pursuant to regulation 30(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the board has recommended a proposal of sub-division of the company’s equity share of face value of Rs. 10 each into 10 equity shares of Re.1 each. The record date for the Split/ Sub-Division of nominal value will be intimated in due course subject to compliance of necessary laws.
The proposal for consequential alteration of the Capital Clause (Clause V) of the Companies Act 2013, in the Memorandum of Association of the Company, was also approved by the Board subject to the final approval of the shareholders.
Brief details of amendments in Memorandum of Association of the Company:
The Authorized Share Capital of the Company shall be Rs. 20,00,00,000/- (Rupees Twenty Crores only) divided into 19,50,00,000 (Nineteen Crores and Fifty Lacs) Equity Shares of Re. 1/- (Rupee One only) each amounting to Rs. 19,50,00,000/- (Rupees Nineteen Crores and Fifty Lacs) and 5,00,000 (Five Lacs) Redeemable Preference shares of Rs. 10/- (Rupee Ten only) each amounting to Rs.50,00,000/- (Rupees Fifty Lacs).
The Board also considered and approved the date for calling Extra Ordinary General Meeting for the approval of the above amendments to be scheduled on May 09, 2022.
About La Tim Group
The La Tim Group is also in the business of Real Estate and Hospitality.
Its real estate division, La Tim Lifestyle & Resorts, initiated land trading and real estate development from Panvel and its surrounding areas in Raigad district, Maharashtra. Currently, La Tim has a land bank more than 1000 acres spread out along the Khopoli Pali Road (State Highway 92), which is approximately 90 kms from Mumbai and 95 kms from Pune.
La Tim Hospitality includes the well-known ‘Saj Resorts’ brand which owns hotels in stunning locations such as Mahabaleshwar and Malshej Ghat in Maharashtra, while also developing an upcoming hotel in Pench Tiger Reserve in Pench district of MP, 95 kms from Nagpur. Additionally, it operates fine dining restaurants in Goa.
Website – https://www.latimmetal.com/
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