Deccan Chronicle declares 10% dividend, to increase borrowing limit & share capital

Deccan Chronicle Holdings Ltd has announced that members at the 4th Annual general Meeting (AGM) of the Company held on August 31, 2006, inter alia, have accorded to the following:

Declaration of dividend at 10% on the paid up share capital of the company.

Authority to the Board to mortgage / create charge by the Board of Directors of the company of all the immovable and movable properties of the company where so ever situated, present and future and the whole of the undertaking of the company together, with power to take over the management of the business and concern of the company in certain units or creating floating charge or hypothecation of all tangible and movable properties and assets of the company, present and future in favour of banks or financial institutions or body corporates or mutual funds together with interest at the agreed rates, compound / further interest commitment charges, premium on prepaid payment, redemption cost / charge, expenses or other monies payable by the company to the lending institutions in terms of the loan agreement be entered into by the company in respect of the said loans, subject to necessary provisions & approvals.

Authority to the Board to borrow upto Rs 700.00 crores from time to time (this includes the limits pf previous borrowing powers upto Rs 500 crores.), subject to necessary provisions & approvals.

Increased in Authorised Share Capital of the Company from Rs 50.00 crores divided into 5.00 crore equity shares of Rs 10/- each to Rs 70.00 crores divided into 7.00 crores equity shares of Rs 10/- each ranking pari passu with the existing shares of the Company and consequential amendments in Memorandum & Articles of Association of the Company.

Authority to the Board to the issue and allot upto 10% of the authorized capital (i.e. 70.00 lacs equity shares of Rs. 10/- each) for the purpose of raising money in the domestic market in the form of qualified institutions placement (QIP) pursuant to provisions of Chapter XIIIA of SEBI (Disclosures & Investor Protection) Guidelines, 2000 under which the pricing of the issue shall be average of the relevant date. The relevant date for the purposes of this scheme means the date 30 days prior to the date of which the meeting of general body of the shareholders is held to consider the proposed issue.

Authority to the Board to sell and lease back some of the printing machines of the Company, amounting to Rs 180.00 crores to safeguard against technological obsolescence and continuously install state of the art equipment, subject to necessary provision & approvals.

Source : Equity Bulls

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