OCL India AGM approves 50% dividend, increases borrowing power

OCL India Ltd has announced that the members at the 56th Annual General Meeting (AGM) of the Company held on September 09, 2006 inter alia, have approved the declaration of dividend at the rate of 50% for the year ended March 31, 2006 on the paid up share capital of ordinary shares of Rs 2/- each.

Authority to the Board for mortgage(s) and / or charge(s), in such form as Directors may decide, of such assets of the Company, both present and future, as may be considered necessary by them, for the purpose of securing term loans, debenture(s), working capital finances or any other instrument aggregating, in all, not more than Rs 1250 crores, interest thereon, remuneration of debenture trustees and all such other amounts as may be payable in respect of the said term loans/debentures /working capital finances to and in favour of the financial institutions/banks/debenture trustees/other lenders.

Authority to the Board to borrow, from time to time, as they may think fit, any sum or sums of money which, together with the moneys already borrowed by the Company (apart from temporary loans obtained from the Company's bankers in ordinary course of business) may exceed the aggregate of the paid-up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided that aggregate of the moneys borrowed and to be borrowed and outstanding at any time shall not exceed the aggregate of the paid up capital of the Company and its free reserves by more than Rs 1000 crores.

Source : Equity Bulls

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