Orient Paper Board declares 40% interim dividend

Orient Paper & Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 30, 2007, has declared Interim Dividend of Rs 4/- (40%) per fully paid ordinary / equity share of Rs 10/- each for the financial year 2006-07. The Board also declared payment of Dividend on 12% Redeemable cumulative preference shares for the period from April 01, 2006 to December 31, 2006.

Further the Board reviewed and noted that satisfactory progress was being made on the project for expansion of the Company's cement capacity from 2.4 million tpa to 3.4 million tpa, which was earlier approved by the Board. The Board also approved in principle that 2nd phase expansion of cement capacity from 3.4 million tpa to 5 million tpa be taken up. The Board also approved that in view of this enhanced expansion plan, capacity of the proposed Captive Power plant may be revised from 30 MW envisaged earlier to 50 MW. These projects are expected to cost Rs 410 cr. over the previously approved investments.

Source : Equity Bulls

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