Bhushan Steel AGM approves 25% dividend, to raise funds

Bhushan Steel & Strips Ltd has announced that that the members at the 23rd Annual General Meeting (AGM) of the Company held on September 20, 2006, inter alia, have approved the declaration of dividend @ 25% on the equity share capital of the Company out of the current profits for the year ended on March 31, 2006.

Authority to the Board to borrow moneys (apart from temporary loans obtained from the company’s bankers in the ordinary course of business) in excess of the aggregate of the paid-up capital of the company and its free reserves (that is to say reserves not set apart for any specific purpose) provided that the total amount of such borrowings together with the amounts already borrowed and outstanding shall not exceed Rs 10,000 crores, subject to necessary provisions & approvals.

Authority to the Board to issue, offer and allot, in the course of international offerings any securities including global depository receipts and / or American Depository Receipts convertible into Equity Shares, Preferential Shares whether cumulative / redeemable / convertible at the option of the company and / or the option of the holders of the securities linked to equity shares / Preference shares and / or any instrument or securities representing convertible securities such as convertible debentures, bonds or warrants convertible into depository receipts underlying equity shares / preference shares (securities), provided however issue of securities as above shall not exceed the amount by more than US$150,000,000 subject to necessary provisions & approvals.

Source : Equity Bulls

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