Mumbai, Aug. 26 -- SEPC announced that its Board has approved a restructuring of the equity and capitalisation reserves of its wholly owned UAE subsidiary, SEPC FZE, Sharjah - enabling the acquisition of a UAE petroleum trading

business entirely through non-cash consideration.

The existing share capital of SEPC FZE, comprising one share of AED 150,000, will be subdivided into 1,500 shares of AED 100 each. A further 38,500 shares of AED 100 each will be issued out of capitalisation of reserves, creating a total equity pool of 40,000 shares.

Of this enlarged pool, only 1,700 shares (4.25%) have been earmarked as non-cash consideration for the share swap. The balance 38,300 shares will be issued to SEPC as fully paid-up shares by capitali...