Transport Corporation declares 25% dividend, split shares, merge TCI Seaways Ltd

Transport Corporation of India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 21, 2006, inter alia, has approved the following:

1. The Order dated August 18, 2006 received from Hon'ble High Court of Andhra Pradesh, Hyderabad regarding Scheme of Amalgamation of TCI Seaways Ltd with the Company.

2. Payment of dividend for the Year 2005-06 @ 25% as already recommended by the Board of Directors in its meeting held on May 25, 2006. The shareholders of erstwhile TCI Seaways Ltd have already been paid interim / final dividend of 16.67% which is equivalent to 25% with TCI Shareholders Post merger.

3. Raising of Borrowing Limits of the Company from existing Rs 200 Crores to Rs 500 Crores & creation of charge on properties of the Company upto this limit.

4. For split up of equity shares by sub-dividing into 10,00,00,000 shares of Rs 2 per share from 2,00,00,000 shares of Rs 10 each.

5. To sell, transferor or otherwise dispose off the movable & immovable properties of Fuel pump division of the Company.

Source : Equity Bulls

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