Marico Updates on Redeemable Preference Shares

Marico Ltd has announced that on December 29, 2006, the Company has redeemed the balance 7.5 crore 9.75% Redeemable Preference Shares of Rs 10/- each, of the total issue of 15,00,00,000 9.75% Redeemable Preference Shares (REPS) of Rs 10/— each to Kotak Mahindra Prime Ltd (Kotak), along with pro-rata dividend aggregating to Rs 98,16,781.00. The redemption and payment of dividend is made pursuant to the share subscription agreement entered into between the Company and Kotak.

Pro-rata dividend aggregating to Rs 40,06,850.00 was paid at the time of redemption in accordance with the said subscription agreement.

The Company has now redeemed the entire 15,00,00,000 9.75% REPS of Rs 10/- each issued to Kotak on November 10, 2006. The total pro-rata dividend, paid out in accordance with the said subscription agreement was Rs 1,38,23,631.00.

Source : Equity Bulls

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