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| Exchange Disseminated Time | Rapicut Carbides Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 24, 2013, has transacted the following business:
1. Allotment of 32,22,747 Bonus Equity shares of Rs.10/- each including 312 Equity shares of fractions each be and are hereby allotted to the respective shareholders in the Register of Members as on September 23, 2013 (record date) in the ratio of 3:2 (i.e. Three New Equity Shares for every Two existing Equity Shares). The above Bonus Shares shall rank pari-passu in all respects with the existing shares except that these bonus shares shall not be eligible for dividend for the year ended March 31, 2013, '
2. The Board of Directors have appointed Shri. D.D. Kanitkar, Director as Trustee of Fraction Shares. The treatment of fraction shares shall be as under:-
No coupons or certificates in respect of or representing any fraction of any equity share shall be issued to the members of the company who shall become entitled to the fractions of any Equity share in respect of their holding in the Company by virtue of this clause, but the Equity Shares corresponding to the aggregate number of such fractions and certificates to which each member shall become entitled, shall be allotted to Shri. D.D. Kanitkar, Director, on the express condition that said Director, shall sell the equity shares so allotted on such terms and conditions (including timing of sale) as are approved by the Board of Directors of the Company after the certificates in respect of such shares are ready and sale proceeds thereof, together with ail benefits which may accrue thereon, after deducting therefrom, all reasonable costs, charges and expenses of and incidental to the sale, shall be credited to the account of the members of Rapicut Carbides Limited entitled to such fractions of Equity Shares and shall be distributed pro-rata among such members of the company in respect of their respective fractions as aforesaid. |
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