Srinivasa Shipping Board recommends 20% dividend, announces new projects

Srinivasa Shipping & Property Development Ltd has announced that the Board of Directors of the Company at its meeting held on July 05, 2007, inter alia, has taken the following decisions:

1. The Board has recommended 20% dividend for the financial year 2006-2007 subject to approval of shareholders at the ensuing Annual General Meeting.

2. The Company has acquired 288 acres for an eco-tourism project in Kalar Valley, Kerala through its subsidiaries and associates.

3. The Company through its wholly owned subsidiary has entered into a Joint Development Agreement to develop a commercial project in an extent of 9.35 acres at Egattur, OMR / IT expressway, Chennai. The expected sale value of the Company's share is Rs 225 crores.

$. The Company has entered into a Joint Development Agreement to develop 2.5 acres into a residential property at Kazipattur, OMR / IT Expressway, Chennai. The expected sale value of the Company's share is Rs 40 crores.

Source : Equity Bulls

Keywords