ELECTROSTEEL CASTINGS LTD. - Board recommends Dividend

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ELECTROSTEEL CASTINGS LTD. - Board recommends Dividend

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14 May 2016
Electrosteel Castings Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 14, 2016, inter alia, has decided the following;<BR><BR>1. Recommended a dividend of Re. 0.50 (50%) per Equity Share of face value of Re.1/- each for the Financial Year ended March 31, 2016, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company.<BR><BR>2. The dividend for Financial Year ended March 31, 2016, if any, declared by the shareholders at the ensuing Annual General Meeting, will be paid to the shareholders on or before October 08, 2016.<BR><BR>3. Issue of Non-Convertible Debentures on private placement basis for an amount not exceeding Rs.200 crores, subject to the approval of the Members.<BR><BR>4. The Board noted that Citi Bank N.A., depositary for Global Depositary Receipts (GDRs) of the Company had vide their letter dated March 18, 2016 has given notice to the Company of its resignation as depositary. Such resignation is to be effective on the earlier of (i) the ninetieth (90th) day after delivery of this notice of resignation to the Company and (ii) the appointment by the Company of a successor depositary and the acceptance by the successor depositary of such appointment. Considering the minimal number of outstanding GDRs as on March 31, 2016, the Board decided not to appoint a successor depositary, subsequent to which the GDR program would be terminated.
View all announcements for ELECTROSTEEL CASTINGS LTD.	Source: BSE India

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