Transcorp International AGM approves 12% dividend

Transcorp International Ltd has announced that the members at the 11th Annual General Meeting (AGM) of the Company held on September 23, 2006, inter alia, have approved the declaration of dividend @ 12% on the face value of equity shares out of the current profits for the year.

Authority to the Board for borrowing from time to time any sum(s) of money on such terms and conditions whether with or without security as the Board of Directors may think fit which together with moneys already borrowed by the Company (apart from temporary loans obtained or to be obtained from the company’s bankers in the ordinary course of business), may exceed the aggregate of the paid-up share capital of the Company and its free reserves, that is, reserves not set apart for any specific purpose of the Company at the relevant point of time, provided that the total amount of money / moneys so borrowed by the Board shall not at any time exceed Rs 20 Crore.

To increase the Authorised Share Capital of the Company from Rs 3,60,00,000/- divided into 36,00,000 Equity Shares of Rs 10/- each to Rs 10,00,00,000/- divided into 1,00,00,000 Equity Shares of Rs 10/- each by creating 64,00,000 Equity Shares of Rs 10/- each, ranking pari-passu with the existing equity shares of the Company and consequential amendments in Memorandum & Articles of Association of the Company.

Authority to the commencement by the Company of the business in respect of establishing, running, managing & erecting power generation plants of all kinds and to distribute, transmit or supply or otherwise deal in power and energy of all kinds as authorized by clause no. 42 given under the other object clause in Memorandum of Association of the Company, either alone or in conjunction with or in partnership with any person, authority or body corporate or in such other manner as the Board of Directors deems appropriate in the best interest of the Company, subject to necessary provisions and approvals.

Authority to the Board for mortgaging and or charging in such form and manner and on such terms and at such time(s) as the Board of Directors may deem fit, the whole or substantially the whole of the undertaking of the Company, all the moveable and immovable properties of the Company, present and future wheresoever situated in favour of Financial / Investment Institution(s) / Bank(s) to secure the loan(s) and / or other fund / non-fund based credit facilities availed or proposed to be availed together with interest thereon and such other costs Charges, expenses and other moneys payable by the Company as per the terms and conditions of the loan agreement entered into or proposed to be entered into by the Company, up to the maximum ceiling of Rs 20,00,00,000/- subject to necessary provisions and approvals.

Source : Equity Bulls

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