RTS Power AGM approves 5% dividend, warrants issue

RTS Power Corporation Ltd has announced that the members at the 58th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have approved the declaration of a final dividend @ 5% (in addition to the Interim Dividend @ 5% already paid in March 2006) on the paid up value of Equity Shares in the company out of the profits for the year ended march 31, 2006.

Authority to the Board to create, issue and allot, in one or more tranches, and upon such terms and conditions as may be deemed appropriate by the Board, by way of preferential allotment up to 20,00,000 Warrants, with an option to the Warrant holders to acquire, for every Warrant, one fully paid up Equity Share of Rs 10/- each of the Company for cash, at a price of Rs 95/- per Equity Share (i.e. at a premium of Rs 85/- per share), aggregating to Rs 19 Crores which price has been calculated based on "Guidelines for Preferential Issues" issued by SEBI under SEBI (Disclosure & Investor protection) Guidelines, 2000 ("SEBI DIP Guidelines"), on such other terms and conditions, as the Board may deem appropriate in its absolute discretion to the Promoters and such Companies and persons of the Promoters Group, their friends, relatives and associates and other independent persons / investors, Indian / Overseas, on the general terms and conditions, subject to necessary provisions & Approvals.

Source : Equity Bulls

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