Rainbow Papers AGM approves 16% dividend

Rainbow Papers Ltd has announced that the members at the 20th Annual General Meeting (AGM) of the Company held on September 26, 2006, inter alia, have approved the declaration of dividend @16% on the equity share capital of the Company for the year 2005-2006.

Increased the Authorised Share Capital of the Company from Rs 7,00,00,000 divided into 70,00,000 Equity shares of Rs 10/- each to Rs 10,00,00,000 divided into 1,00,00,000 Equity shares of Rs 19/- each, by creation of 30,00,000 additional equity shares of Rs 10/- each and consequential amendment in Memorandum of Association of the Company.

To set the limit on total share holding of FIIs / SEBI approved sub-account of FII / NRIs / OCBs in the equity share capital of the Company as 40% of the paid up equity capital of the Company provided however, that the equity shareholding of a single FII or a sub-account of FII in the company shall not at any time exceed 10% of paid up share capital of the Company.

Authority to Board to take effective steps to offer 20,00,000 Convertible Warrants (Convertible into equity) on Preferential allotment basis to Individuals or Entities including Foreign Institutional Investors, QIBs / OCBs / POI / NRIs and any other strategic investors other than Directors / Promoters and persons acting in concert with them in accordance with the SEBI Guidelines for preferential Issues contained in Chapter XIII of the Securities and Exchange Board of India (Disclosures and Investors Protection) Guidelines, 2000 in order to meet the funds requirement for the proposed expansion plans of the Company.

Source : Equity Bulls

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