IDFC AGM approves Rs.1 dividend, raise FII limit to 49%

Infrastructure Development Finance Company Ltd (IDFC) has announced that the 9th Annual General Meeting (AGM) of the Company held on August 02, 2006, inter alia, have approved the declaration of dividend at the rate of Rupees 1.00 per share on equity shares 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, secured or unsecured, as they may deem Requisite for the purpose of the business of the Company notwithstanding that monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) would 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 the total amount upto which monies may be borrowed by the Board of Directors shall not exceed the sum of Rs 200,000,000,000 outstanding at any point of time, subject to necessary provisions & approvals.

Authority to increase the ceiling limit on total no of Foreign Institutional Investors (FIIs) / Securities and Exchange Board of India (SEBI) approved sub-account of FlIs in the equity share capital of the Company from 24% to 49% of the Paid Equity Capital of the Company with effect from such date(s) as may be decided by the Board from time to time, subject to necessary provisions & approvals.

Authority to sponsor the issue of Global Depositary Shares ("GDSs") with an overseas depository, against existing equity shares of the Company deposited by the shareholders of the Company, pursuant to an option given to all the shareholders in terms of applicable laws and regulations (the "Sponsored GDS Offering"), and to cause allotment of GDSs to the eligible foreign investors by the overseas depository, where each such GDS shall represent one existing fully paid up equity share of par value of Rs 10/- per share, and the size of the Sponsored GDS Offering, as may be determined by the Board, such issue and allotment to be made in one or more tranche or tranches, on such terms and conditions as may be decided and deemed appropriate by the authorised persons of the Board at the time of issue or allotment, subject to necessary provisions & approvals.

Authority to the Board to offer, issue and allot in one or more tranches and in one or more private or preferential offerings, foreign currency bonds, debentures or warrants or any other instrument whether convertible or otherwise or such other securities ("Securities"), of an aggregate value of upto USD 250 million or its equivalent in any other foreign currency, to any person, whether or not an existing shareholder of the Company, and on such terms and conditions as may be decided by the Board from time to time as it may deem appropriate in the interest of the Company, subject to necessary provisions & approvals.

Source : Equity Bulls

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