Karuturi Networks Board recommends 10% final dividend, allots shares

Karuturi Networks Ltd has announced that the Board of Directors of the Company at its meeting held on August 13, 2007, inter alia, has transacted the following business:

1. Recommendation of final Dividend of 10%, (post bonus of 1:1) in addition to 10% of pre bonus interim dividend already paid.

2. The Board has made allotment of 18,43,750 equity shares to the FCCB bond holders who had exercised the option of conversion. The details of allotment is as under.

Name of the FCCB Bond holder

a. Deutsche Bank AG London : 3,68,750 No of shares allotted

b. Lehman Brothers International (Europe) : 7,37,500 No of shares allotted

c. Lehman Brothers International (Europe) : 7,37,500 No of shares allotted

3. The Board has made preferential allotment of 1.35 Crore warrants to the following entities based on the approvals obtained from the stock exchanges.

Name of the Allottees

a. Mr. K Surya Rao : 16,00,000 No of warrants allotted

b. Max Worth Investments : 41,00,000 No of warrants allotted

c. Bennett& Coleman Co Ltd : 3,00,000 No of warrants allotted

d. RAYS Global Corporation : 41,00,000 No of warrants allotted

e. SRY Crust : 34,00,000 No of warrants allotted.

Source : Equity Bulls

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