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Hyderabad, Sept. 24

IVRCL Infrastructures and Projects Ltd will foray into mining operations soon. The company’s annual general meeting held on September 7 had amended the objects clause of Memorandum of Association. According to a release, the management was taking steps for passing of the resolution (for its entry into mining operations) through postal ballot. The AGM also approved increase of the firm’s borrowing powers from Rs 3,750 crore to Rs 5,000 crore and Employees Stock Option Scheme. Accordingly, the Hyderabad-based company would grant 42 lakh options convertible into 42 lakh equity shares of Rs 2 each to employees and its subsidiaries. It had also declared a dividend of Rs 1 per equity share at 50 per cent for the year ended March 2007, the release added.

— Our Bureau

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