L&T AGM approves Rs.22 dividend

Larsen & Toubro Ltd (L&T) has announced that the members at the 61st Annual General Meeting (AGM) of the Company held on August 25, 2006, inter alia, have approved the declaration of Dividend at the rate of Rs 22/- per share for the year ended March 31, 2006.

Authority to the Board to create, offer, issue and allot in one or more tranches under the said proposed ESOP Scheme-2006 at any time to or for the benefit of employees including Executive Directors and Non-Executive Directors of the Company such number of equity shares and / or equity linked instruments including options and / or any other instrument or securities which could give rise to the issue of equity shares (Securities) of the Company, initially not exceeding 5% of the enhanced paid up equity shares of the Company after considering the issue of Bonus Shares i.e. 1,42,12,338 equity shares (5% of 28,42,46,770 shares) in aggregate (or such other adjusted figure for any bonus, stock splits or consolidations or other re-organization of the capital structure of the Company as may be applicable from time to time), and the same to be adjusted/reduced proportionately to the extent of the outstanding capital as at the Record Date determined for issue of bonus shares, at such price, in such manner, during such period, in one or more tranches and on such terms and conditions as may be fixed or determined by the Board in accordance with the Guidelines or other applicable provisions of any law as may be prevailing at that time, subject to necessary provisions & approvals.

Source : Equity Bulls

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