Tata Investment Board recommends Dividend & Rights Issue of ZCB
Tata Investment Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 16, 2008, inter alia, have recommended the payment of a dividend of 150% on the Ordinary share capital i.e. Rs 15 per share of the face value of Rs 10 (previous year - 130% + 20% special dividend on completion of 70 years).
The Board has also decided to make a Rights Issue of Zero-coupon Convertible Bonds (with Warrants) (ZCB) of the face value of Rs 650 each to be offered to the, existing shareholders in the ratio of one ZCB for every five Ordinary shares held. On the present paid-up Ordinary capital of Rs 34.46 crores, this issue will provide a sum of about Rs 448 crores.
Tags: Tata Investment