Vipul Board approves Bonus issue & Stock split

Vipul Ltd has announced that the Board of Directors of the Company at its meeting held on September 27, 2006, inter alia, has approved the following, subject to approval of shareholders:

1. Sub-divide the existing one Equity Share of Rs. 10/- into two Equity Shares of Rs 5/- each.

2. Increase the Authorized Share Capital of the Company from Rs 15,00,00,000/- divided into 1,50,00,000 Equity Shares of Rs 10/- each to Rs 50,00,00,000/- divided into 10,00,00,000 Equity Shares of Rs 5/- each.

3. Issue Bonus Shares (along-with subdivision) in the ratio of 1 Equity Share for every 1 Equity Share held.

4. Approved, subject to the approval of the shareholders of the Company, issue of equity shares under section 81(1A) of the Companies Act, 1956 on preferential allotment basis to the extent of 15 lakhs Equity shares of Rs 5/- each in one or more tranches, in terms of Chapter XIII - A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 on such terms and conditions, etc as the Board / Committee may decide from time to time.

Further the Company has informed that, the Board of Directors has also decided to convene an Extra Ordinary General Meeting of the Members of the company on October 28, 2006 to seek consent of the members in respect of the matters.

Source : Equity Bulls

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