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Man Infraconstruction announced that the Board of Directors of the Company at its meeting held on 25 June 2014, inter alia, has approved :
1. Sub-division of 1 (One) Equity Share of face value of Rs 10 each into 5 (Five) Equity Shares of face value of Rs 2 each and consequent amendment to the Capital Clause of the Memorandum of Association of the Company, subject to approval of shareholders.
2. Postal Ballot Notice along with Calendar of Events for seeking approval of members for;
- AuthorizIng Board of Directors u/s 180(1)(c) of the Companies Act, 2013 to borrow monies in excess of aggregate paid-up share capital and free reserves of the Company;
- Authorizing Board of Directors u/s 180(1)(a) of the Companies Act, 2013 for creation of mortgage, charge, hypothecation, lien and other encumbrances;
- Authorizing Board of Directors u/s 186 of the Companies Act, 2013 to invest or to provide loans and advances or give guarantees/ securities up to 100% of free reserves and securities premium account or Rs.900 crore, whichever is higher;
- Sub-division of each Equity Share of Rs 10 into 5 Equity Shares of Rs 2 each fully paid-up and consequent amendment to the Memorandum of Association of the Company.
3. Declaration of an Interim Dividend of Rs 1.35 per share (i.e. 13.5%) on 4,95,00,054 Equity Shares having Face Value of Rs 10 each, for the financial year 2014-15.
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