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Ester Industries Ltd has fixed February 27, 2004 as the record date for the reduction of share capital and payment of interim dividend. Ester Industries Ltd has informed BSE that at the board meeting held on February 10, 2004 has approved the following: Allotted on preferential basis 1,46,82,000 equity shares of Rs 10/- each at par out of which 1,20,00,000 equity shares have been allotted to promoters and associates and converted and allotted 2,68,200 10% cumulative convertible preference shares (CCPS) of Rs 100/- each into 26,82,000 equity shares of Rs 10/- each at par to IFCI Ltd, Industrial Development Bank of India (IDBI) and the Administrator of the specified undertaking of the Unit Trust of India (UTI) as per the Rehabilitation Scheme sanctioned by the Board for Industrial and Financial Reconstruction (BIFR). After the allotment of the said equity shares, the issued and paid up capital stands increased to Rs 55,50,24,000 divided into 5,55,02,400 equity shares of Rs 10/- each. The coupon rate of dividend on RCPS has been reduced to 0.1% as per the sanctioned scheme. The Board also considered and reduced the face value of 55502400 (includes 14682000 new equity shares) equity share from Rs 10/- each to Rs 5/- each and 559521 preference share from Rs 100/- each to Rs 50/- each. There is no reduction in the number of equity and Preference shares. The Board has decided to pay a maiden interim dividend @ 12.5% for the financial year 2003-2004 on the reduced face value of equity shares of Rs 5/- each. The dividend on the new shares shall be paid on pro rata basis i.e. from the date of allotment.
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