Tamilnadu Petroproducts AGM approves 10% dividend

Tamilnadu Petroproducts Ltd has announced that the members at the 21st Annual General Meeting (AGM) of the Company held on September 26, 2006, inter alia, have approved the declaration of dividend at the rate of Re 1.00 per Equity Share on the Equity Share Capital of the Company for the year ended March 31, 2006.

To mortgaging and / or charging by the Board of Directors of the Company of all the immovable and movable properties of the Company wheresoever situate both present and future (except the DG Sets & Auxiliary equipments in the Chlor Alkali Plant offered on exclusive charge basis to M/s Rabo India Finance Pvt Ltd., and the whole of the undertaking of the Company to or in favour of;

(a) Industrial Development Bank of India Ltd (IDBI) for the working capital assistance of Rs 3000 lacs.

(b) UTI Bank Ltd (UTI) for their enhanced working capital assistance of Rs 600 lacs and

(c) The Federal Bank Ltd (FBL) for their enhanced working capital assistance of Rs 500 lacs.

to secure the financial facilities provided by the above banks together with interest thereon at the respective agreed rates, interest, compound interest, additional interest, liquidated damages, commitment charges, premia on prepayment or on redemption, costs, charges and expenses and other monies payable by the Company to IDBI, UTI and FBL under the respective Heads of Agreement/Loan Agreement/Letters of Sanction/Memorandum of Terms and Conditions entered into/to be entered into by the Company in respect of the above working Capital facilities.

Source : Equity Bulls

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