Walchandnagar Industries split and bonus record date

Walchandnagar Industries Ltd has informed that March 03, 2008 has been fixed as the Record Date for the purpose of the Sub-division of Equity Share of face value Rs 10/- each into 5 Equity Shares of Rs 2/- each and issue of One to One (1:1) Bonus Equity Shares.

Walchandnagar Industries bonus

With reference to the earlier announcement dated November 26, 2007 about the issue of Bonus Shares in the ratio of 1:1, subject to approval of shareholders and other necessary regulatory approvals, Walchandnagar Industries Ltd has now clarify that the bonus share will be issued through capitalization of free reserves in 1:1 ratio on equity share(s) held on the record date to be announced at a later date.

Upon allotment of Bonus Shares, the equity share capital will be of Rs 600.90 Lakhs instead of Rs 300.45 Lakhs at present.

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