Rane Holdings Board declares interim dividend

Rane Holdings Ltd has announced that the Board of Directors of the Company at its meeting held on January 24, 2007, inter alia, has transacted the following:

1. Declared an interim dividend of Rs 3/- per equity share for the year ending March 31, 2007, on the paid up capital of Rs 81,313,160 comprising of 8,131,316 shares of Rs 10 each.

2. Subject to the approval of the shareholders, the Board has decided to:

i. Increase the authorized equity share capital of the Company to Rs 150 million consisting of 15,000,000 Equity shares of Rs 10/- each and by canceling 5,000,000 preference shares of Rs 10 each, which have not been taken or agreed to be taken by any person, diminishing the preference share capital to Rs 50 million consisting of 5,000,000 Preference shares of Rs 10/- each. However, the total authorised share capital would remain unchanged at Rs 200 million.

ii. To issue 1,650,000 fully paid equity shares of Rs 10/- each at a premium of Rs 170/- per share for cash to the promoters / promoter group on preferential basis in terms of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

The Board has Decided to obtain the approval of the shareholders for Point 2 (i) & (ii) above at an Extra-Ordinary General Meeting scheduled to be held on February 23, 2007.

Source : Equity Bulls

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