Indo Amines Board recommends 1:1 Bonus Issue

The Board of Directors of Indo Amines Ltd at its meeting held on August 03, 2013, has recommended issue of bonus shares to the equity shareholders and warrant holders of the Company in the ratio of 1:1 (i.e. 1,64,58,390 bonus equity share of Rs. 10/- each) by capitalization of its Reserves, subject to the approval of the members in the ensuing Annual General Meeting.

The Board approved increase of authorised capital to Rs. 33,00,00,000/- (Rupees Thirty Three Crores Only) and the Constitution of Bonus Committee comprising of 3 (Three) members Mr. Vijay Palkar, Mr. Rahul Palkar and Mr. N. G. Mane towards delegating necessary powers for issue of bonus shares, to the aforesaid committee members.

After issue of bonus shares the paid up capital of the Company will increase from Rs. 13,28,33,900/- (Thirteen Crores Twenty Eight Lacs Thirty Three Thousand and Nine Hundred Only) divided into 1,32,83,390 equity shares of Rs. 10/- each to Rs. 32,91,67,800/- (Rupees Thirty Two Crores Ninety One Lacs Sixty Seven Thousand Eight Hundred Only) divided in 3,29,16,780 equity shares of Rs. 10/- each.

After issue of Bonus Shares, appropriate adjustments will be made to the number of Convertible Warrants as at the Record Date pending for conversion. The Convertible Warrants pending for conversion shall be eligible for bonus in the same ratio, however the bonus shares will be provided at the time of conversion of warrants into equity, as per the terms of the issue prescribed.

The Board also approved proposal convening of 20th Annual General Meeting on September 05, 2013 at 12.00 noon at C.K.P. Hall, Ram Ganesh Gadkari Path, Near Karwa Hospital, Dombivli (East), Dist Thane - 421 201.

Shares of Indo Amines Ltd was last trading in BSE at Rs.21.80, up by Rs.1 or 4.81%. The stock hit an intraday high of Rs.21.80 and low of Rs.21.50.

The total traded quantity was 5403 compared to 2 week average of 2688.

Source : Equity Bulls

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