Everest Kanto Board approves stock split & recommends dividend

Everest Kanto Cylinder Ltd has announced that the Board of Directors of the Company at its meeting held on May 21, 2007, inter alia, has transacted the following:

1. Recommended a dividend of 50% for the year ended March 31, 2007 (Previous Year 35%) subject to shareholder and other approvals.

2. Approved the split in the Face Value of Equity Shares from Rs 10 to Rs 2 subject to shareholders and other approvals.

3. The Company has embarked on an expansion and modernisation scheme with a projected outlay of approx USD 60 million. The Board of Directors has in principle approved the expansion plan as well as the proposed funding of the scheme by way of equity linked instruments.

Source : Equity Bulls

Keywords