Leading Consumer Electronics manufacturer, Whirlpool of India has said that the board of the company has approved the issuance of new share certificates to the existing shareholders of the company who are holding the shares in physical form.
This development is in line with the aim of encouraging dematerialization of shares and reducing the risk of fraud.
"In this regard Whirlpool of India Limited has fixed cut-off date Friday, October 9, 2015 for reckoning the list of physical shareholders who will be eligible for the new share certificates. The new share certificates will be issued without asking for surrender of old share certificates," the company informed in a filing to the Bombay Stock Exchange.
The company also said that all the earlier shares, either on the erstwhile name 'Kelvinator of India Ltd' or any other name of merged/amalgamated entities will be deemed surrendered and cancelled and will be considered as bad delivery for all purposes.
Whirlpool also asked the shareholders to update the company with their PAN, address and bank details before the cut-off date.
Meanwhile, shares of the company were trading at Rs 650.00 a piece, down 0.32 per cent from the previous close at 11:34 hours on BSE.