Visagar Polytex Limited has announced a board meeting to approve a draft Scheme of Arrangement to write off accumulated losses, aimed at rectifying the imbalance between its capital and assets.

The total paid-up share capital will be reduced from ₹29.27 crore to ₹0.88 crore, resulting in the consolidation of shares to maintain a face value of ₹1 each.

Additionally, the company plans a preferential issue of 2.86 crore shares at ₹1.05 each and 23.81 crore warrants, pending necessary approvals.

This restructuring may enhance financial clarity, creating a more attractive outlook for investors while addressing existing losses.