Subway Finance Board to consider issue of bonus shares

Subway Finance & Investment Company Ltd has announced that a meeting of the Board of Directors of the Company will be held on November 21, 2006, inter alia, to consider and approve allotment of an aggregate of 8,57,500 Bonus Shares in the ratio of Seven Equity Shares of Rs 10/- each against every Two existing Equity Shares of Rs 10/- each fully paid up to the holders of existing equity shares of the Company whose names appear in the Register of Members of the Company on the Record Date determined for the purpose.

Further the Company has informed that, in accordance with the resolution passed by the Members of the Company at the Annual General Meeting held on September 29, 2006, the Board shall further consider and approve allotment of consolidated fractional entitlements in favour of any one Director of the Company who shall hold such shares in trust on behalf of the concerned members with the express understanding that such Director shall sell the same in the market at the best available price and pay to the Company the net sale proceeds thereof whereupon the Company shall distribute such net sale proceeds to the members in proportion to their respective fractional entitlements.

Source : Equity Bulls

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