Vaibhav Gems AGM approves 15% dividend, issue of preference shares

Vaibhav Gems Ltd has announced that the members at the 17th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have approved the declaration of dividend at the rate of 15% (Rs 1.50 per share) on equity shares of Rs 10/- each for the year ended on March 31, 2006.

Increase in Authorised share capital of the Company from Rs 31,00,00,000/- divided into 3,10,00,000 Equity shares of Rs 10/- each to Rs 76,00,00,000/- by creation of 45,00,000 unclassified shares of Rs 100/- each and consequential amendment in Memorandum of Association.

Authority to the Board for the issue & allotment of 44,00,000 1% Non-Convertible Redeemable Cumulative Preference shares of Rs 100 each on preferential basis to be redeemed at the end of seven years from the date of allotment or before, at the sole discretion of the Board, subject to necessary approvals & provisions.

Source : Equity Bulls

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