Mahindra & Mahindra Board declares 75% interim dividend

Mahindra & Mahindra Ltd has announced that the Board of Directors of the Company at its meeting held on March 21, 2007, has declared an Interim Dividend at the rate of 75% i.e. Rs 7.50 per Ordinary share of the face value of Rs 10 each to the shareholders of the Company for financial year ending March 31, 2007.

The Board will take a decision on final dividend when it meets to adopt the accounts got the year ended March 31, 2007.

Further the Company has informed that, in the aforesaid meeting the Board has approved the following, subject to receipt of the required approvals:

1. Increasing the borrowing limits from Rs 2500 crores to Rs 6000 crores, for expansion of capacities, investment in Research & Development, product development, etc.

2. Making investment, granting loans, providing guarantees / securities in excess of the limits prescribed under section 372A of the Companies Act, 1956 upto an amount aggregating Rs 1500 crores.

3. Convening of an Extraordinary General Meeting of the Company on April 20, 2007 to seek the Shareholders approval in respect of the above items.

Source : Equity Bulls

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