Shrachi Securities declares 18% dividend

Shrachi Securities Ltd has announced that the members at the 17th Annual General Meeting (AGM) of the Company held on August 25, 2006, inter alia, have approved the declaration of dividend @ Rs 1.8% per share for the current financial year.

Members authorized the Board for borrowing sums of money, as it may consider fit for the purpose of the business of the Company notwithstanding that the monies to be so borrowed together with monies already borrowed by the Company may exceed, at any time, the aggregate of the paid-up capital of the Company and its free reserves, provided that the total amount so borrowed shall not at any time exceed the sum of Rs 37,500 lakhs consisting of Rs 25,000 lakhs in Indian Currency and Rs 12,500 lakhs in any foreign currency or US$ 8 million over and above the aggregate of the paid up capital of the Company and its free reserves, subject to necessary provisions & approvals.

Authorized the Board for creation of such mortgages, charges and hypothecations in addition to the existing mortgages, charges and hypothecations created by the Company as the Board may direct on such of the assets of the Company, both present and future, in favour of all or any of the Financial Institutions / Foreign Financial Institutions / Banks / Foreign Banks / any other investing agencies or any other person(s) / to secure rupee / foreign currency loans or other instruments of an equivalent aggregate value not exceeding Rs 37,500 lakhs together with interest thereon at the respective agreed rates, compound interest, additional interest, liquidated damages, commitment charges, premia on pre-payment, or on redemption, costs, charges, expenses and all other monies payable by the Company to the aforesaid parties or any of them under the Agreements / Arrangements entered into/to be entered into by the Company in respect of the said loans or other instruments.

Source : Equity Bulls

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