Rei Agro Board declares Rs.1.5 interim dividend, to setup retail division

Rei Agro Ltd has announced that the Board of Directors of the Company at its meeting held on January 29, 2007, inter alia, has decided the following:

1. Declared the payment of 1st Interim Dividend of Rs 1.50 per Equity Share, for the Financial Year 2006-07.

2. Allotment 900207 Equity Shares of Rs 120.75/- per shares (Rs 10 being the face value) upon conversion of FCCBs.

3. Decided that the Company shall have a separate retail division for its Retail Business. This will help the Company to increase revenue and to capitalize the existing dealers network. Retail business of the Company shall be undertaken through a separate division, not thorough its wholly owned subsidiary.

4. Ratified the Letter of Intent signed with Cethar Vessels Pvt Ltd for 36MW Thermal Power Projects in the State of Gujarat at the cost of Rs 126.00 crores plus taxes.

Source : Equity Bulls

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