Valiant Communications Board recommends 9% dividend

Valiant Communications Ltd has announced that the Board of Directors of the Company at its meeting held on May 30, 2007, inter alia, has transacted the following:

1. Subject to the approval of members in their 14th Annual General Meeting, Board of Directors has proposed and recommended the payment of Dividend at the rate of 9% for the Financial Year ended on March 31, 2007.

2. Subject to the provisions of Companies Act, 1956 and other rules and regulations made thereunder, Board of Directors has unanimously decided to acquire substantial equity stake in an unlisted Public Limited Company "Valiant Infrastructure Ltd", so as to make it a subsidiary of the Company. The present business of Valiant Infrastructure Ltd (the Target Company) is to develop know-how and technology for telecom infrastructure projects.

The stock was trading at Rs.28.65, up by Rs.0.65 or 2.32%. The stock hit an intraday high of Rs.28.65 and low of Rs.26.80. The total traded quantity was 8769 compared to 2 week average of 5344.

Source : Equity Bulls

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