Borax Morarji Board approves rights issue & dividend

Borax Morarji Ltd has announced that the Board of Directors of the Company at its meeting held on June 29, 2007, inter alia, has recommended a dividend of 22% for the year ended March 31, 2007 (previous year - 18%).

Further the Company has informed that, the Board has also decided to issue shares on Rights basis to the existing shareholders of the Company in the ratio of 1:1, i.e. One New Equity Share of Rs 10/- at a premium of Rs 20/- for every One existing Equity Shares held on Record Date.

The stock closed the day at Rs.69.10, up by Rs.6.25 or 9.94%. The total traded quantity was 55490 compared to 2 week average of 44084. The stock hit an intraday high of Rs.69.10 and low of Rs.69.10.

Source : Equity Bulls

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