Orient Ceramics to issue bonus shares

Orient Ceramics & Industries Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 27, 2006, inter alia, to transact the following business:

1. Reclassification of 1,00,000 unclassified Preference Shares of Rs 100/- each forming part of the existing un-issued Authorised Share Capital of the Company into 10,00,000 Equity Shares of Rs 10/- each and on such re-classification, the Authorised Share Capital of the Company will be Rs 10,00,00,000/- divided into 1,00,00,000 Equity Shares of Rs 10/- each.

Enhancement of Authorised Share Capital of the Company from Rs 10,00,00,000 divided into 1,00,00,000 Equity Shares of Rs 10/- each to Rs 15,00,00,000 divided into 1,50,00,000 Equity Shares of Rs 10/- each by the creation of 50,00,000 new Equity Shares of Rs 10/- each. & consequential amendments in Memorandum & Articles of Association of the Company.

2. Issue of Bonus Share in the ratio of 5 Equity shares of Rs 10/- each fully paid up for every 4 fully paid-up Equity Shares of Rs 10/- each held by the members as on the Record Date to be fixed by the Board of Directors by Capitalizing of a sum not exceeding Rs 5,85,00,000/- from the permitted Reserves & Surplus.

Source : Equity Bulls

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