Siyaram Silk members approve Bonus issue

Siyaram Silk Mills Ltd has announced that the members at the 28th Annual General Meeting (AGM) of the Company held on September 16, 2006, inter alia, have accorded to the Board of Directors of the company, for capitalization of such sum standing to the credit of the company's share premium account as is permissible to be utilized for the purpose, as may be considered necessary by the Board for the purpose of issue of bonus shares of Rs 10/- each, credited as fully paid up shares to the holders of the existing equity shares of the company, whose names appear in the Register of Members, on such date as may be fixed in this regard, by the Board of Directors, in the proportion of one equity share for every two existing equity shares held by them (no fractional entitlements) and that the new Bonus Shares so issued and allotted shall be treated for all purposes as an increase of the nominal amount of the Equity Share Capital of the Company held by each such member and not as income and the said Equity Shares be issued and allotted, subject to necessary provisions and approvals.

Source : Equity Bulls

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