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| Exchange Disseminated Time | Shree Precoated Steels Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alai, has considered and approved the following:
1. The Board of Directors has recommended dividend @ 11% i.e. Re 1.10 per Equity Share for the year ended on March 31, 2008.
2. The Board approved the proposal for the de-merger of the Steel Division of Ajmera Realty & Infra India Ltd ('ARIIL') into a separate Company ('Resulting Company')(proposed name "Shree Precoated Steels Ltd") and reorganization of capital of ARIIL, as per the terms and conditions mentioned in the Scheme of Arrangement between ARIIL and Resulting Company and their respective shareholders ("Scheme") under sections 391 to 394 read with section 100 to 103 of the Companies Act, 1956.
The salient features of the merger would be as follows:
• The Appointed date for the de-merger is Apr11 01, 2008;
• As a Composite Scheme of Arrangement involving de-merger and reorganization, all the shareholders as on the record date-would receive the below mentioned consideration in lieu of his / her /its existing holding;
• For every 10 (Ten) equity share of the face value of Rs 10/-(Rupees Ten Only) each fully paid-up held by him / her / it in ARIIL, he / she / it would get 7 (Seven) equity shares of Rs 10/- (Rupees Ten Only) each in the Resulting Company (holding steel business) and 3 (Three) equity shares of Rs 10/- (Rupees Ten Only) in ARIIL the De-merged Company (holding real estate business).
• The Composite Scheme of Arrangement is subject to requisite consent, approval of the requisite majority of the shareholders, lenders, creditors of the Company, the Stock Exchange, the Bombay High Court, and the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.
3. The Board approved the proposal of acquisition of 90% interest in Ajmera Housing
Corporation-Bangalore. Having three projects in Bangalore, with total saleable area
of 17,73,386 Square feet, through a Wholly Owned Subsidiary. The said acquisition is on cost basis, thereby expanding the top line and the bottom line of the Company significantly. |
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