Walchandnagar Industries Board recommends Dividend, Bonus Issue & Sub-division of Shares

Walchandnagar Industries Ltd has informed that the Board of Directors of the Company at its meeting held on November 25, 2007, inter alia, has transacted the following:

1. Recommended special 'Centenary Dividend' of 100% on the equity shares of Rs 10/- each i.e. dividend of Rs 10/- (Rupees Ten only) per share, as the Company is entering into its centenary year on November 25, 2007.

2. Re-appointed Mr. J L Deshmukh as Managing Director and Chief Executive Officer of the Company w.e.f. November 25, 2007 for a period of 5 years.

3. Appointed Mr. Chirag C Doshi as Managing Director of the Company w.e.f. November 25, 2007 for a period of 5 years.

Apart from the agenda items, the Board of Directors also considered and decided the following items:

4. Issue of Bonus Shares:

The Board recommended, subject to the approval of shareholders and other necessary regulatory approvals, if any, to issue Bonus Shares in the ratio of 1:1 (one bonus share for one share held).

5. Sub-division of shares:

The Board recommended, subject to the approval of shareholders and other necessary regulatory approvals, if any, to sub-divide the equity shares of the face value of Rs 10/- each into 5 equity shares of Rs 2/- each