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Hyderabad, Sept. 15

The shareholders of Nagarjuna Construction Company Ltd (NCC) at the annual general meeting have authorised the board of directors to enhance the authorised share capital to Rs 50 crore divided into 25 crore equity shares of Rs 2 each from the existing Rs 25 crore divided into 12.5-crore equity shares of Rs 2 each.

The company has informed the stock exchanges that with respect to the proposed 1:1 bonus issue, the shareholders have also authorised the board for capitalisation of such sum standing to the credit of the general reserves as may be considered necessary.

FII Limit

The shareholders have approved the proposal to enhance the limits of foreign institutional investors' holding in the company to 49 per cent. This includes FII investments including their sub-accounts, (FIIs) by purchase or acquisition from the market under the portfolio investment scheme or foreign direct investment scheme under FEMA.

Further, the company said, the shareholders have cleared the proposal to enhance the borrowing limits to Rs 10,000 crore and authorised the board to go in for mortgaging and/or charging for borrowings of up to Rs 10,000 crore. The shareholders have also approved the proposed dividend of 80 per cent (Rs 1.60 per share of Rs 2 each) for the fiscal ended March 2006, the company said.

(This article was published in the Business Line print edition dated September 16, 2006)
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