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| Exchange Disseminated Time | McNally Bharat Engineering Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2014, inter alia, has transacted the following;
1. Recommended dividend @ 11.5% on preference shares.
However, in absence of profit for the current Financial year 2013-14, the Board of Directors has considered it prudent not to recommend any dividend on Equity Shares for the year ended March 31, 2014, as a measure of conservation.
2. Decided to increase Authorised Share Capital from Rs. 1,600,000,000/- (Rupees One Hundred and Sixty Crores Only) divided into 40,000,000 (Four Crores) equity shares of Rs. 10/- (Rupees Ten Only) each and 12,000,000 (One Crore Twenty Lakhs) Non-Convertible Redeemable Preference Shares of Rs. 100/- (Rupees One Hundred Only) each to 1,950,000,000/- (Rupees One Hundred and Ninety Five Crores Only) divided into 75,000,000 (Seven Crores Fifty Lakhs ) equity shares of Rs. 10/- (Rupees Ten Only) each and 12,000,000 (One Crore Twenty Lakhs) Non-Convertible Redeemable Preference Shares of Rs. 100/- (Rupees One Hundred Only) each by creating an additional 35,000,000 (Three Crores Fifty Lakhs) Equity Shares of Rs. 10/- (Rupees Ten Only) each subject to the approval of the Shareholders of the Company.
3. Considered the proposal to raise resources in one or more tranche by way of fresh issue of Equity Shares/ Equity Linked Instruments/ Convertible Debentures/ Equity Share Warrants / Convertible Instrument etc. or any combination thereof upto a total amount of Rs. 250 crores to Promoters, Domestic Investors, Qualified Institutional Buyers, FIIs, NRIs & Corporate Bodies etc, on FPO/Rights/ Preferential-Private Placement basis or any other suitable mechanism to meet the working capital requirements, long term capital requirement & other purposes subject to the approval of the Shareholders of the Company. |
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