Priyadarshini Spinning AGM approves 10% dividend, increase in borrowing powers

Priyadarshini Spinning Mills Ltd has announced that the members at the 25th Annual General Meeting (AGM) of the Company held on September 28, 2006, inter alia, have approved the declaration of Dividend at the rate of Re 1.00 per equity share to the equity shareholders of the Company for the year ended March 31, 2006.

Delisting of Equity Shares of the Company from Madras Stock Exchange Ltd, Chennai and Ahmedabad Stock Exchange Ltd, Ahmedabad, with effect from April 01, 2007, subject to necessary provisions & approvals.

To borrow from time to time, any sum or sums of money not exceeding Rs 200 Crores upon such terms and conditions as they may deem fit, notwithstanding that money borrowed together with the money already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) will exceed the aggregate of the paid up share capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided that the total amount so borrowed by the Board shall not exceed the limit of Rs 200 Crores, subject to necessary provisions & approvals.

Authority to the Board to mortgage and / or create charge, in addition to the mortgages / charges created / to be created by the Company in such form and manner and with such ranking and at such time or times on such terms and conditions as the Board may determine, any one or more of the Company’s movable and / or immovable properties both present and future and / or the whole or any part of undertaking(s) of the Company together with the power to take over the management of the business and / or concern of the Company in certain events of default in favour of Lenders / Agents / Trustees for securing the borrowings for an aggregate nominal value not exceeding Rs 200 Crores, comprising of Fully secured convertible / Partly secured convertible / non convertible debentures, loans and any other secured debt instruments, together with interest, further interest thereon, accumulated interest, remuneration to the Trustees / Agents, premium, if any, on redemption, costs, charges, expenses and other monies payable by the Company in terms of the loan agreement / Trust deed and other documents to be finalized and executed between the Company and Lender(s) / Agent(s) / Trustee(s) and such other terms and conditions and covenants respect of the enforcement of the security as may be stipulated in that behalf and agreed to between the Board of Directors or Committee thereof and the Lender(s) / Agent(s) / Trustee(s), subject to necessary provisions & approvals.

Source : Equity Bulls

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