Autoline Industries to acquire remaining 49% stake in subsidiary, declares 25% interim dividend

Autoline Industries Ltd has announced that the Board of Directors of the Company at its meeting held on February 21, 2007 has approved the following:

1. An interim dividend of 25% on Fully Paid Equity Shares for the year 2006-07.

2. The issue of not exceeding 40 Lacs, Optionally Fully Convertible Share Warrants (OFCWs) of Rs 10/- each at a price of Rs 400/- (including a premium of Rs 390/-) to Promoters, Promoter Company(s), Directors and other eligible entities including strategic investors as preferential issue as per SEBI Guidelines subject to approval of the members in the Extraordinary General Meeting.

3. Acquisition of remaining 49% stake in Autoline Dimensions Software Pvt Ltd, (51% existing subsidiary - the Design Engineering Services arm), and making it a fully owned subsidiary as preferential issue as per SEBI Guidelines, subject to approval of the members in the Extraordinary General Meeting.

4. Acquisition of Domestic / Foreign Company(ies) in principle, and authorised the Management Committee of the Board to finalise negotiations and conclude the transactions at the earliest.

Source : Equity Bulls

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