Spanco Telesystems AGM approves 18% dividend

Spanco Telesystems & Solutions Ltd has announced that the members at the 23rd Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the following:

Declaration of Dividend @ 18% on reduced paid up Equity Shares Capital (pursuant to the Scheme of Arrangement) of the Company for the financial year 2005-2006.

Authority to the Board to issue further securities / financial instruments including Equity Shares / GDRs / ADRs / FCCBs / Warrants / Bonds to any category of investors including Shareholders, Promoters, Public, Institutional Investors, Foreign Investors or Qualified Institutional Buyers by way of Rights Issue, Public Issue, Preferential Allotment, Qualified Institutional Placement or any kind of placement(s) and such securities / financial instruments may carry an option / entitlement to subscribe to equivalent Equity Shares of Rs 10/- each of the Company for an amount not exceeding Rs 500 Crores, subject to necessary provisions & approvals.

Authority to the Board to borrow any sum or sums of money from time to time provided that the amount at any time so borrowed or to be borrowed shall not exceed the sum of Rs 500 Crores, subject to necessary provisions & approvals.

Authority to the Board to create mortgages / charges / hvpothecation on all or any of the immovable and movable properties of the Company for securing the loans, advances, borrowings, guarantees, provided that the total outstanding amount at any time so secured shall not exceed the aggregate of Rs 500 Crores, subject to necessary provisions & approvals.

Source : Equity Bulls

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