Jaiprakash Associates Board declares first interim dividend of 15%, to raise US$ 1 Billion

Jaiprakash Associates Ltd has announced that the Board of Directors of the Company at its meeting held on July 14, 2007, inter alia, has taken the following decisions:

1. 1st Interim Dividend of Rs 1.50 per share (15%) absorbing a sum of Rs 32.89 crores (excluding dividend distribution tax of Rs 5.59 crores) for the financial year 2007-08.

2. Raising of resources upto US$ 1 Billion, in two or more tranches from international market, through FCCB / GDR / ADR and any other permissible instrument, out of which an amount upto US$ 400 million (including green shoe option) to be raised through issue of Foreign Currency Convertible Bonds immediately with the approval of shareholders.

3. Noting the resignation of Shri. Gunjit Singh from the office of Director w.e.f. July 09, 2007.

4. Co-option of Shri. RN Bhardwaj as Director w.e.f. July 14, 2007.

Source : Equity Bulls

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