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Hyderabad June 5 Rain Commodities Ltd (RCL) has informed BSE that the board of directors of the company at its meeting held on June 5 has recommended a dividend at 35 per cent on the paid-up equity share capital of the company i.e., Rs 3.50 per equity share for the year 2006-07.

In another development, the shareholders of the company, at their court convened meeting held on June 4, have approved the scheme of arrangement between Rain Calcining Ltd & Rain Industries Ltd.

The members, at the extraordinary general meeting, also approved the re-classifying Rs 51 crore of preference share capital in authorised share capital into equity share capital.

They agreed to the increase in the borrowing powers of the board up to Rs 1,000 crore and authorised the board to create charge/ mortgage/hypothecation on assets in favour of the banks and financial institutions for securing the amount not exceeding Rs 1,000 crore.

More Stories on : Dividend Announcement | Chemicals

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