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| Exchange Disseminated Time 02/09/2016 12:01:05 | Menon Bearings Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 02, 2016, has issued and allotted 93,40,000 Equity Shares of Re. 1/- each aggregating to Rs.93,40,000/- by capitalization of reserves and distributed the same as fully paid up bonus shares in the proportion of 1 (One) Equity Share for every 5 (Five) existing Equity shares held to those shareholders whose name appear in the Register of Member / Register of Beneficiaries as on August 31, 2016 (the Record Date).
Consequent to the said allotment, the paid up share capital of the Company has increased to Rs. 5,60,40,000 divided into 5,60,40,000 Equity Shares of Re. 1/-each.
Further, the Board of Directors of the Company has decided to invest in the shares of a private limited subsidiary Company (proposed to be incorporated) to the tune of Rs. 2.95 Crores approximately (29,54,350 Shares of face value of Rs. 10/- each), for generating a fair return on the investment. The proposed subsidiary will be engaged in dealing and distribution of Automobiles and parts thereof and any other ancillary business.
The meeting of the Board of Directors commenced at 11.00 a.m. and concluded at 11.45 a.m. |
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