Moser Baer Board recommends 1:2 bonus issue

Moser Baer India Ltd has announced that the Board of Directors of the Company at its meeting held on May 01, 2007, inter alia, has taken the following decisions:

1. Decided to raise funds for its expansion plan through debt or equity. They further decided that the Company shall, subject to the approval of the shareholders of the Company and such other approvals as may be required to be obtained in this regard, issue FCCBs / GDRs / ADRs and / or Equity Shares through depository receipt mechanism and / or Other Financial Instruments convertible into or linked to Equity Shares, etc for a value upto US Dollars 150 Million.

2. To recommend issue of Bonus Shares to the Equity Shareholders of the Company in the ratio of 1 Equity Share for every 2 Equity Shares held by them, by capitalizing the reserves of the Company.

Source : Equity Bulls

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