GTN Industries AGM declares 9% dividend

GTN Industries Ltd has announced that the members at the 44th Annual General Meeting (AGM) of the Company held on July 27, 2006, inter alia, have approved the declaration of dividend @ Rs 0.90 ps on the Equity Shares of Rs 10/- each.

Authorised the Board to mortgaging and / or charging on all the immovable properties and movable fixed assets of the Company, excluding assets on which exclusive charge was given and, hypothecation of all movable properties of the Company subject to prior charges in favour of bankers for Working Capital, wheresoever situate / present and future, and of conferring power to enter upon and to take possession of assets of the Company in certain events, to or in favour of Export-Import Bank of India (EXIM Bank), State Bank of India (SBI) to secure on Pari Passu First Charge basis:

a. Rupee Term Loan of Rs 1500 lacs lent and advanced by EXIM Bank to meet the long term Working Capital requirements of the Company.

b. Rupee Term Loan of Rs 2460 lacs under Technology Upgradation Fund Scheme lent and advanced by EXIM Bank to the Company.

c. Rupee Term Loan of Rs 1359 lacs under Technology Upgradation Fund Scheme lent and advanced by SBI to the Company.

Alteration in the Memorandum of Association of the company for change in the registered office of the Company from State of Kerala to the State of Andhra Pradesh. The members passed this Special Resolution by way of Postal Ballot.

Source : Equity Bulls

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