OCL India Board declares interim dividend

OCL India Ltd has announced that the Board of Directors of the Company at its meeting held on March 19, 2007, has transacted the following:

1. Declared an interim dividend of 100%.

2. Approved the Scheme(s) of Arrangement for the demerger of a) Steel business; and (b) Real Estate business of the Company.

The Board approved the following share issue ratio for the demerger:

- 3 shares of face value of Rs 1 each of the Resulting Company which would house the Steel business for every 1 share of face value of Rs 2 of the Company; and

- 3 shares of face value of Rs 1 each of the Resulting Company which would house the Real Estate business for every 1 share of face value of Rs 2 of the Company.

BMR & Associates acted as the advisors for the restructuring exercise. The Company will now commence the implementation process which will, inter alia, include filing a certified copy of the Scheme of Arrangement for approval under clause 24(f) of the listing Agreement to the stock exchanges alongwith other documents at least a month before it is presented to the High Court of Orissa.

Source : Equity Bulls

Keywords