Marico seeks EGM approval for stock split

Marico Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on February 08, 2007, inter alia, to transact the following:

1. To Sub-divide 6,09,00,000 equity shares of nominal value of Rs 10 each fully paid up forming part of the subscribed and paid-up capital of the Company into 60,90,00,000 Equity shares of nominal value of Re 1 each credited as fully paid up and accordingly suitably re-number the equity shares resulting from the sub-division and consequential amendments in the Memorandum & Articles of Association of the Company, subject to necessary provisions and approvals.

2. To utilize the aggregate of the following namely, an amount not exceeding Rs 148.48 Crore out of the balance standing in the Securities Premium Account and an amount not exceeding Rs 180 Crore out of the balance standing in the Capital Redemption Reserve Account ("Special Reserves") of the Company for adjustment against it of the balance in the following asset accounts namely Trademarks and copyrights, business and commercial rights and other intangibles ("Intangible Assets"), after making due adjustment for deferred tax, subject to necessary provisions and approvals.

Source : Equity Bulls

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