Heidelbergcement to redeem Preference Shares

HeidelbergCement India Ltd has announced that the Directors of the Company, on May 11, 2010, have passed a Resolution by Circulation (dated May 11, 2010) to exercise the Call Option for redemption of 13,49,336 9% Cumulative Redeemable Preference Shares of Rs. 100 each aggregating to Rs. 13,49,33,600.

Since the Preference shares are Cumulative in nature, it is obligatory for the Company to pay the accumulated dividend i.e. from January 01, 2010 to May 11, 2010 (being the date of redemption) amounting to Rs. 43,58,540. Hence the Directors have decided to pay the same as interim dividend along with the redemption proceeds.

The stock closed the day at Rs.52.10, down by Rs.1 or 1.88%. The stock hit an intraday high of Rs.53.60 and low of Rs.51.80.

The total traded quantity was 88648 compared to 2 week average of 212491.

Source : Equity Bulls

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