International Conveyors Board approves Interim Dividend, Bonus Issue & Stock Split

International Conveyors Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 21, 2009, inter alia, has transacted the following business:

1. The Board of Directors has declared an Interim Dividend of Re. 1/- per share or 10% on paid up capital of the Company.

2. The Board has decided to issue Bonus Shares in the ratio of 1:1 (one equity share of Rs. 10/- each for every equity share of Rs. 10/- each held. Consequently the paid up capital of Rs. 337.50 Lac (Rupees Three Hundred Thirty Seven Lac Fifty Thousand only) would stand increased to Rs. 675.00 Lac (Rupees Six Hundred Seventy Five Lac only) subject to the approval of the shareholders to be obtained by Postal Ballot.

3. It has also been decided by the Board to subdivide the existing face value from
Rs. 10/- (Rupees Ten only) per share to Re. 1/- (Rupee One only) per share. Consequently share holders shall be entitled to 10 equity shares of Re. 1/- each for their holding of 1 equity share of Rs. 10/- each in the Company (pre bonus issue).

4. The Board of Directors has also decided to increase the Authorized Share Capital of the Company from Rs. 5,00,00,000/- (Rupees Five Crores only) divided into 48,00,000 Equity Shares of Rs. 10/- (Rupees Ten only) each and 20,000 Preference Shares of Rs. 100/- each to Rs. 10,00,00,000/- (Rupees Ten Crores only) divided into 98,000,000 Equity Shares of Rs. 1/- each (Rupees One only) and 20,000 Preference Shares of Rs. 100/- each.

5. The Board has also decided to seek approval of the shareholders to increase its powers to invest the funds of the Company in shares, securities or make loan to body corporate(s) / person(s) or give guarantee or provide security in connection with loans or loans made by any other bank(s)/ financial institutions/ person(s) to or to any persons, body corporate(s) etc. from the existing limit of Rs. 75,00,00,000/- (Rupees Seventy-five Crores only) to Rs. 150,00,00,000/- (Rupees one hundred fifty crores only).

6. The Board has decided to seek approval of all the shareholders wherever applicable for the matters referred above by way of Passing of Resolutions by Postal Ballot.

7. The Board has decided to drop the idea of coming out with rights issue as intimated in the notice.