Ceat Ltd to demerge investment business, recommends 18% dividend

Ceat Ltd has announced that the Board of Directors of the Company at its meeting held on April 23, 2007, has approved de-merger of its invest business to a separate investment and finance Company, salient features of which are attached in the closed statement, in order to optimize the operational efficiencies and performance of its core business of manufacture and sale of tyres, tubes and flaps and to bring about synergies in its existing operations. The Scheme, after requisite sanctions and approvals, is expected to be implemented during the current financial year.

The Board of Directors of the Company at its meeting held on April 23, 2007, inter alia, has recommended a dividend of 18% (i.e. Rs 1.80 per equity share of Rs 10/- each) for the said financial year.

The stock closed the day at Rs.136.40, down by Rs.5 or 3.54%. The stock hit an intraday high of Rs.1500 and low of Rs.134.05. The total traded quantity was 805831 shares compared to 2 week average of 177517.

Source : Equity Bulls

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