June 28, 1996

The Unit Trust of India today announced a bonus in the ratio of 1:10 and a cut in dividend from 26 per cent to 20 per cent on Unit Scheme-64. Addressing the press, Mr. Jagdish Capoor, UTI Chairman, said this was the first time in the history of US-64 that a bonus had been declared. He said the bonus had more than compensated for the drop in dividend. The bonus units — one new unit for every 10 units held — like other units, will be repurchased at the repurchase price prevailing at the time.

Wheat exporters may default on shipments

The threat of shipment default is looming large over several lakh tonnes of wheat contracted prior to March 31 even as the last date for the extended shipment period — June 30 — is only a couple of days away. Exporters who had made a firm commitment and who hold registration-cum-allocation certificates (RCACs) from the Government-nominated export monitoring agency, the Agricultural and Processed Food Products Export Development Authority (APEDA), are in a state of panic following their inability to meet the deadline for shipment despite a three-month grace period.

Two Sanmar group co.s to merge

Two companies of the Madras-based Sanmar group, Sanmar Enterprises and Sanmar Properties and Investments, are to merge from March 1, 1996. A resolution to this effect was passed and approved by directors during the board meeting of Sanmar Properties and Investments held on Thursday. The merger would be formalised after obtaining approvals from shareholders of the two companies, the Madras High Court and regulatory authorities such as the SEBI.

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