Gemini Communication EGM approves bonus issue, fixes record date

Gemini Communication Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 30, 2007, inter alia, have accorded to the following:

"For capitalization of a sum not exceeding Rs 4,38,40,000 from the accumulated profits and accordingly the said sum be capitalized and distributed amongst the holders of the existing equity shares of the Company, whose names stand on the Register of Members / Beneficial Owners on such date as may be fixed by the Board of Directors in that behalf as the Record Date, on the footing that they become entitled thereto as capital and not as income and the same be not paid in cash but be applied on behalf of such shareholders as aforesaid in paying up in full at par 87,68,000 new Equity shares of Rs 5/- each to be allotted, distributed and credited as fully paid-up amongst the said shareholders in the proportion of one new equity share for every existing equity share held by them, subject to necessary provisions & approvals."

The stock closed the day at Rs.400.15, down by Rs.2.80 or 0.69%. The total traded quantity was 32169 compared to 2 week average of 78166. The stock hit an intraday high of Rs.408.80 and low of Rs.397.10.

The company also announced that July 18, 2007 has been fixed as the Record Date for the purpose of issue of bonus shares.

Source : Equity Bulls

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