Rasandik Engineering Board recommends 10% dividend

Rasandik Engineering Industries India Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2007, inter alia, has recommended the Payment of Dividend of Rs 1.00/- per share (10%) on the equity shares of the Company, subject to the shareholders approval at the Annual General Meeting.

Pursuant to the Provisions of SEBI Guidelines on Preferential issue of warrants the Company has cancelled the 205000 warrants issued to Promoter and a Director in November 2006 at a conversion price of Rs 184.40 and forfeited the amount paid on the warrants.

The Board ahs resolved to seek the approval of Shareholders under section 293(1)(a) to create fixed or floating charge, lien, mortgage, pledge or other encumbrance over the whole of any part of the undertaking, property or asset of the Company in favour of the existing and future lenders, including banks, financial institutions and other persons / bodies corporate on all or any of the immovable and movable properties of the Company both present and future of every nature and kind whatever to secure the current and future borrowings upto an aggregate amount of Rs 200 Crores (excluding overdraft / cash credit and similar facilities from bankers) of the Company.

Source : Equity Bulls

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