Kirloskar Oil Board declares interim dividend

Kirloskar Oil Engines Ltd has announced that the Board of Directors of the Company at its meeting held on January 17, 2007, inter alia, has transacted the following:

1. Declared an Interim Dividend @ 100 % on the Equity Shares of the Company for the Year 2006-07 i.e. Rs 2 per Equity Share of Rs 2 each, and shall be paid through Electronic Clearing System (ECS) or vide the dividend warrant, as the case may be.

2. Vide its letter dated January 08, 2007, the Life Insurance Corporation of India has withdrawn its representative, Mr. V K Bajhal, from the Board of Directors of the Company with immediate effect Mr. V K Bajhal has been co-opted on the Board of Directors of the Company as an Additional Director with effect from January 17, 2007.

3. The Company proposes to increase the investment in its new plant at Kagal in Kolhapur District, from Rs 400 Crores as earlier informed vide the letter dated July 22, 2006, to Rs 550 Crores. The Company also proposes to enter into a Memorandum of Understanding with the Government of Maharashtra.

Source : Equity Bulls

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