KS Oils AGM approves stock split, to raise US$100 million

KS Oils Ltd has announced that the members at the 22nd Annual General Meeting (AGM) of the Company held on June 23, 2007, inter alia, have approved the following matters:

1. Adopted the Audited Profit and Loss Account for the year ended March 31, 2007 and the Balance Sheet as on that date.

2. Approved the final dividend of 15% (Rupees One and Paise Fifty only) on Equity Share of Rs 10/- each of the Company.

3. Approved the appointment of M/s Haribhakti & Co., Chartered Accountants, as the Auditors of the Company in place of the retiring auditors to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company.

4. To Increase the Authorized Share Company from Rs 30.00 crores to Rs 40.00 crores.

5. Approved the Sub-division of the Equity Shares from the present nominal value of Rs 10/- per Equity Share to Rs 1/- per Equity Share of the Company.

6. Approved the consequential amendments in capital clause of Memorandum and Articles of Association of the Company upon increase in authorized capital of the Company from Rs 30.00 crores to Rs 40.00 crores, and sub-division of equity shares from the present nominal value of Rs 10/- each to Rs 1/- each.

7. To raise the funds for an aggregate amount of up to US$ 100 Million or equivalent thereof, by way of issuance of equity shares or in the form of depository receipts whether GDR or ADR of FCCBs or any other from of receipts or American Depository shares or bonds whether expressed in foreign currencies or Indian rupees, in domestic or any other international markets(s), subject to the conditions as the Board may consider appropriate pursuant to the provision of Section 81 (1A) and other applicable provision, if any, of the Companies Act 1956, and in accordance with the other applicable provisions, if any.

Source : Equity Bulls

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