Maha Seamless to issue bonus preference shares Our Bureau
NEW DELHI, Aug. 20
MAHARASHTRA Seamless Ltd (MSL) will issue bonus redeemable preference shares carrying a 10 per cent annual dividend. The shares will be redeemed in one or more tranches within a period of five years from the date of allotment. The bonus shares will be allotted after the shareholders' approval at the annual general meeting to be held on September 23, 2002, according to a company release.
The proposal was approved by the company's board last week. According to the proposal, one fully paid-up preference share of Rs 10 each will be allotted for every two equity shares held in the company, the release added.
The company has registered a turnover of Rs 377 crore for fiscal 2001-02, recording an improvement of about 40 per cent compared to the previous year. Profit before tax for the year stood at Rs 72 crore as against Rs 40 crore last year.
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