Kirloskar Brothers Board recommends final dividend

Kirloskar Brothers Ltd has announced that the Board of Directors of the Company at its meeting held on April 19, 2007, inter alia, has:

1. Recommended payment of final dividend at Rs 2/- on equity shares of Rs 2/- each (100%) for the financial year ended March 31, 2007.

2. Decided to extend the Employee Stock Option Scheme (ESOS) to Non-Promoter Executive and Non-executive Independent Directors and employees of subsidiary Companies, which shall be in conformity with the relevant Securities and Exchange Board of India (SEBI) Guidelines.

3. Put up a proposal under section 293(1)(a) of the Companies Act, 1956 to create a charge on the Company's Assets and properties, including the whole or substantially the whole of the Company's undertaking or undertakings, in favour of the Banks / financial Institutions etc. to secure financial assistances, subject to maximum of Rs 500 crores.

In terms of the Companies (Passing of the resolution by postal ballot) Rules, 2001, this shall be approved by voting through postal ballot. Necessary Postal Ballot Form and other papers etc. will be sent to members separately.

Further the Company has informed that, the Board of Directors of the Company has also decided to explore the possibilities of acquiring Companies in similar and / or allied business activities, in India / Abroad through formation of wholly owned Subsidiaries / Joint Ventures.

Source : Equity Bulls

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