Varun Shipping AGM approves Rs.1.5 final dividend, to raise funds

Varun Shipping Company Ltd has announced that the members at the 35th Annual General Meeting (AGM) of the Company held on September 12, 2006, inter alia, have approved the declaration of final dividend at the rate of Rs 1.50 per equity share capital for the year ended March 31, 2006 and approved the declaration of dividend at the 13.25 per cent on Cumulative Redeemable Preference Shares of Rs 100/- each for the year ended March 31, 2006.

Authority to Board to create, issue, offer and allot or dispose off at its sole discretion, any securities including equity shares, preference shares (whether cumulative, redeemable and / or convertible), partly or fully convertible debentures (whether secured or unsecured), Foreign Currency Convertible Bonds, Foreign Currency Convertible Debentures (whether secured or unsecured), Global Depository Receipts, American Depository Receipts, Singapore Depository Shares, depository receipts representing the underlying securities issued by the company in negotiable, registered, bearer or other form, any other instrument or securities representing convertible securities such as convertible debentures, bonds, warrants or such similar instruments convertible into depository receipts with underlying equity shares or preference shares, warrants, convertible in whole or in part into equity shares, and / or any other financial instruments ("Securities") at par or at premium with or without over allotment and / or green shoe option, and on such terms and conditions as the Board may, from time to time determine, so however that the total amount raised through the Securities shall not exceed Rs 2500 crores or its equivalent in any other currency at the then prevailing exchange rate (inclusive of such premium as may be determined by the Board), to foreign or domestic investors including members, employees, Indian public, non-resident Indians, banks, financial institutions, foreign institutional investors, other foreign investors, trusts, mutual funds, insurance companies, local bodies, overseas corporate bodies (to the extent permissible), pension funds, offshore funds, other bodies corporate, other entities / authorities and / or all such other persons, whether shareholders or not, through or by public issue, rights issue, private placement or preferential allotment or otherwise or by any one or more of the above methods whether subscribed in Indian and / or foreign currencies whether in Indian and/or one or more foreign markets and in one or more series or tranches whether on the same terms and conditions or with varying terms and conditions and whether at one time or from time to time and in such manner as the Board may in its absolute discretion decide and consider proper and beneficial to the Company, subject to necessary provisions & approvals.

Authority to purchase and/or acquire equity share capital of the Company or convertible debentures of the Company, subject to the condition that such investments (together with such existing holdings of all FIIs put together) shall not exceed forty nine (49) percent of the paid-up equity share capital or paid-up value of each series of the convertible debentures of the Company as may be applicable, subject to necessary provisions & approvals.

Delisting of equity shares of the Company from Ahmedabad Stock Exchange Ltd, Ahmedabad, The Calcutta Stock Exchange Association Ltd, Kolkata, and The Delhi Stock Exchange Association Ltd, New Delhi at such time or times as the Board may in its absolute discretion decide.

Source : Equity Bulls

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