Mahindra Gesco Board recommends dividend, appoints additional director

Mahindra Gesco Developers Ltd has announced that the Board of Directors of the Company at its meeting held on April 25, 2007, inter alia, has transacted the following:

1. Recommended dividend as under
(a) 10.50% on 1,000,000 Non-Cumulative Redeemable Preference Shares of Rs 100 each
(b) 15% on 39,947,350 Equity Shares of Rs 10 each

2. Appointed Mr. Pawan Kumar Malhotra as an Additional Director. At the same meeting, the Board, subject to requisite approvals, appointed Mr. Pawan Kumar Malhotra as the Managing Director and designated him as "Managing Director & Chief Executive Officer". These appointments will take effect from June, 2007.

Source : Equity Bulls

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