Pidilite Industries members approve fund raising
Pidilite Industries members approve fund raising >The members of Pidilite Industries, (Q, N,C,F)* at the 38th annual general meeting (AGM) of the company held on Aug. 29, 2007, permitted the board of the company to borrow up to Rs 10 billion and also to raise up to USD 50 million. They have also approved to increase the authorized share capital of the company from 300 million to Rs 465 billion by transferring an amount in the sum of Rs 165 million (approx.) from the authorized share capital of Vinyl Chemicals (`VCIL`) to the authorized share capital of the company, pursuant to the scheme of arrangement for demerger of the Vinyl Acetate Monomer Manufacturing Unit of VCIL into the company. Further they approved 150% dividend for the year ended Mar. 31, 2007 on equity shares of Rs 1 each.
Shares of the company gained Rs 0.85, or 0.55%, to settle at Rs 154.9. The total volume of shares traded was 38,460 at the BSE.(Tuesday)
