Mumbai (Maharashtra) [India], October 15 (ANI): Panorama Studios International Limited in an exchange filing with the Bombay Stock Echange on Wednesday informed that the Board of Directors of the company has approved the proposal to increase the Authorised Share Capital of the Company from the existing 16,00,00,000 (Rupees Sixteen Crores), divided into 8,00,00,000 (Eight Crore) Equity Shares of 2/- (Rupees Two) each, to 60,00,00,000 (Rupees Sixty Crores) divided into 30,00,00,000 (Thirty Crore) Equity Shares of 2/- (Rupees Two) each.

This increase in Authorised Share Capital is proposed to accommodate the increase in the Paidup Share Capital of the Company.

The company further said, the Board has considered and recommended the issue of Bonus Shares in the ratio of 5:2 that is, 5 (Five) new fully paid-up Equity Shares of 2/- each for every 2 (Two) existing fully paid-up Equity Shares of 2/- each, held by the eligible Equity Shareholders of the Company as on the Record Date to be determined for this purpose.

Accordingly, the Company will issue and allot 18,60,96,875 (Eighteen Crore Sixty Lakh NinetySix Thousand Eight Hundred Seventy-Five) Equity Shares of 2/- each as Bonus Shares, by capitalizing free reserves, including the Securities Premium Account and/or General Reserve, as may be approved by the shareholders at the forthcoming Extra-Ordinary General Meeting (EGM) of the Company.

The company said that the record Date for determining the eligibility of shareholders entitled to receive the Bonus Shares will be intimated in due course.

As per company information, Panorama Studios International, with its subsidiaries and associates, is a diversified film studio with various business segments such as Production, Distribution, Music Label, Talent Management, Advertisement, Syndication, Equipment rental and Line production. Panorama Studios International attracts the best talent in media and entertainment to create, package, and deliver high-quality cinema worldwide. (ANI)