Dewan Housing Board recommends 15% dividend

Dewan Housing Finance Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on May 15, 2007, inter alia, has considered the following:

1. Recommended dividend of 15% on Equity Share Capital (Rs 1.50 per share) as final dividend, in additional to an interim dividend of 10% already declared and paid, thus totaling to 25% for the financial year 2006-2007.

2. Approved the reclassification of the Authorized Share Capital subject to the approval of the members of the Company at the forthcoming Annual General Meeting of the Company.

3. Approved the increase in the Borrowing Powers of the Board u/s. 293(1)(d) to Rs 10,000 crore, subject to the approval of the members of the Company at the forthcoming Annual General Meeting of the Company.

4. Approved the authority for creation of charge / mortgage / hypothecation / lien / pledge on the assets of the Company subject to the approval of members by Postal Ballot under section 293(1) (a) of the Companies Act, 1956.

5. Approved the DHFL Employees Stock Option Scheme (ESOS) subject to the approval of the members of the Company at the forthcoming Annual General Meeting of the Company.

Source : Equity Bulls

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