Indo Asian Finance AGM approves 10% dividend, increases borrowing power

Indo Asian Finance Ltd has announced that the members at the 16th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have approved the declaration of dividend @ 10% be paid on the paid up equity share capital of the Company for the year ended March 31, 2006.

Authority to the Board to borrow from time to time such sum or sums of money as they may deem necessary for the purpose of the business of the Company, notwithstanding that the monies to be borrowed together with monies to be borrowed by the Company (apart from temporary loans obtained from the Company’s bankers in the ordinary course of business) and remaining outstanding at any point of time will exceed the aggregate of the paid - up share capital of the Company and free reserves, that is to say, reserves not set apart for any specific purpose. Provided that the total amount up to which monies may be borrowed by the Board of Directors and which shall remain outstanding at any given point of time shall not exceed the sum of Rs 100 Crores, subject to necessary provisions & approvals.

Source : Equity Bulls

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