Ajanta Pharma AGM approves 15% dividend, increase borrowing powers

Ajanta Pharma Ltd has announced that the members at the 27th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the declaration of dividend at the rate of 15% on the equity shares of the Company.

Authority to the Board of Directors of the Company for borrowing any sum or sums of money from time to time from one or more bodies corporate or financial institutions or from other person(s) by way of cash credit, advances, term loans or other loans whether unsecured or secured, by mortgage, charge, hypothecation or pledge of the company’s assets and properties whether movable and / or immovable or stock in trade (including raw materials, stores, in-stock or in-transit), work in process and debts and advances notwithstanding that the sum or sums so borrowed together with moneys, if any, already borrowed by the Company (apart from the temporary loans obtained, from the Company’s Bankers in the ordinary course of business) may exceed the aggregate of the paid-up capital of the Company and its free-reserves which have not been set apart for any specific purpose but so that the total amount upto which the moneys may be so borrowed shall not at any time exceed Rs 250 crores, subject to necessary provisions & approvals.

Source : Equity Bulls

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