Jubilant Agri and Consumer Products proposes to reduce capital

Jubilant Industries today said its subsidiary Jubilant Agri and Consumer Products is proposing to file a petition for reduction of capital by way of setting off its accumulated losses against securities premium account.
Jubilant Industries said its board of directors in its meeting held today accorded approval to the proposed reduction, in its capacity as a shareholder of Jubilant Agri and Consumer Products (JACPL).
JACPL is a wholly-owned subsidiary of Jubilant Industries and offers a range of products in crop nutrition, crop protection, consumer products such as woodwork solutions and footwear products.
Jubilant Agri and Consumer Products "is proposing to file a petition under relevant applicable provisions of Companies Acts, for reduction of its capital by way of setting off its accumulated losses against securities premium account as on March 31, 2015," Jubilant Industries said in a BSE filing.

"The proposed reduction is subject to necessary approvals from the shareholders of JACPL and the High Court of Judicature at Allahabad," the filing said.
Jubilant Industries is the flagship company of agri and performance polymers business of Jubilant Bhartia group. The company's diversified portfolio includes crop nutrition, crop growth and crop protection agri products and performance polymers products comprising consumer products like adhesives, wood finishes; food polymers and latex.
Shares of Jubilant Industries closed at Rs 171.90 apiece, up 9.56 per cent from previous close on BSE.