Penny stock surprise: Shareholders approve 98% capital reduction

Shree Securities' shareholders approved a 98% reduction in paid-up equity capital to ₹1.596 crore from ₹79.8 crore, aimed at writing off accumulated losses of ₹86.71 crore. The proposal, which involves no cash payout, remains subject to NCLT approval and will be followed by consolidation of shares into ₹10 face value.