Maharashtra Seamless Board recommends 30% final dividend, to raise FII limit to 40%

Maharashtra Seamless Ltd has announced that the Board of Directors of the Company at its meeting held on August 22, 2007, inter alia, has recommended final dividend @ 30% i.e. Rs 1.50 per equity share of Rs 5/- for the Accounting year ended March 31, 2007. With this the total dividend including two interim dividends paid, comes to 110% i.e. Rs 5.50 per equity share of Rs 5/- each for the Accounting Year ended March 31, 2007.

Further the Company has informed that, subject to approval of shareholders & other applicable authorities, if any, the Board has approved investments of Foreign Institutions Investors (FIIs) in the equity share capital of the Company from permissible limit of 24% pursuant to "Portfolio Investment Scheme" under FEMA, 2000 to 40% of its equity share capital.

The Stock closed the day at Rs.561.70, up by Rs.14.30 or 2.61%. The stock hit an intraday high of Rs.565 and low of Rs.555. The total traded quantity was 253480 compared to 2 week average of 74147.

Source : Equity Bulls

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