Marico Board approves stock split

Marico Ltd has announced that the Board of Directors of the Company at its meeting held on January 12, 2007, inter alia, has considered and approved the following:

1. Sub-division of Equity shares of the nominal value of Rs 10 each to nominal value of Re 1 each and the consequent amendments to the Memorandum and Articles of Association of the Company, subject to the approval of the shareholders as may be required; and

2. Financial Restructuring through adjustment of Intangible assets against Special Reserves (Securities Premium Account and Capital Redemption Reserve Account) under provisions of Sections 78 and 80 read with Section 100 to 103 of the Companies Act, 1956 subject to the approval of the shareholders and the Hon'ble High Court and obtaining consents as may be required.

Source : Equity Bulls

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