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WeWork India to Reclassify Authorized Share Capital; Shares Down 5%

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Flexible workspace operator WeWork India Management (NSE:WEWORK, BOM:544570) approved the reclassification of its authorized share capital, subject to shareholder approval, according to a Thursday filing with the Indian bourse.

The company plans to reclassify its authorized share capital into 100 crore equity shares of 10 rupees each from the existing mix of equity shares and compulsorily convertible preference shares.

The board also approved reducing the company's securities premium account to fully offset accumulated losses, subject to shareholder and regulatory approvals.

Shares of the flexible workspace operator were down nearly 5% in recent trade.

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