Minda Industries to redeem 30,00,000 9% Cumulative Redeemable Preference Shares

Minda Industries Ltd has announced that the Company will redeem its 30,00,000 9% Cumulative Redeemable Preference Shares of Rs. 10/- each on January 25, 2011 out of its distributable profits by transferring a sum equal to the nominal amount of 9% Cumulative Redeemable Preference Shares i.e. Rs. 3,00,00,000/- (Rupees Three Crores only) to the 'CAPITAL REDEMPTION RESERVE ACCOUNT'.

These Preference shares are eligible for dividend upto the date of its Redemption i.e. January 25, 2011.

The stock closed the day at Rs.277, down by Rs.2.80 or 1%. The stock hit an intraday high of Rs.286 and low of Rs.275.15.

The total traded quantity was 95 compared to 2 week average of 1444.

Source : Equity Bulls

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