REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31st MARCH 2013
ISSUE OF RIGHTS SHARES |
| After the closure of the year under report, the Company issued Equity Shares on Rights basis ("the Shares") amounting to Rs. 416.24 crores. The shares of face value of Rs.10 were issued at a premium of Rs. 55 (aggregate issue price Rs. 65 per share). The Issue opened for subscription on Monday, the 3rd June, 2013 and closed on 17th June, 2013. The shares were allotted to eligible shareholders in consultation with Bombay Stock Exchange on 27th June, 2013. The proceeds of the issue will assist the Company begin the process of reducing debt in its books. Arising out of the Rights Issue, the Company's Issued and Paid-up Capital as on date stands at Rs.109.77 crores. The balance in the Securities Premium Account as on date stands at Rs. 352.15 crores. The Board wishes to thank all shareholders for their unstinted support to the Rights Issue. |
DIVIDEND |
| The Board recommends maintaining the same rate of dividend as declared by the shareholders in the previous year i.e. Rs. 1 per share in respect of the year under report as well. All shareholders holding shares as on the Record Date of 16th May, 2013 are entitled to such dividend subject to the dividend being approved at the forthcoming Annual General Meeting. |