2. Sub-division (Split) of equity shares and consequent amendment to the Memorandum of Association. The Board of Directors ('the Board') have considered and approved a proposal to sub-divide (split) the 80,00,000 equity shares of the company from their existing face value of Rs. 10/- each in to the face value of Rs. 2/- each. The details required under Para 2.2 of the Annexure 1 to the Circular No. CIR/CFD/CMD/4/2015 dated 9th September, 2015 under the above mentioned Regulation in respect of the proposed split are given in the Annexure. Pursuant to the proposed split of the face value of equity shares, the Board has approved a proposal to substitute the existing Clause V of the Memorandum of Association of the Company with the following: Clause V of the Memorandum of Association: 'The Authorised Share Capital of the Company is Rs. 8,00,00,000/- (Rupees Eight Crores Only) divided into 4,00,00,000 (Four Crores) Equity Shares having face value of Rs. 2/- (Rupees Two) each.'