TCS - Updates
Tata Consultancy Services Ltd (TCS) has informed BSE that pursuant to the approval of the shareholders by way of a Postal Ballot, results of which were announced on March 24, 2008:
(i) the authorized Share Capital of the Company has increased from Rs 120,00,00,000/- (Rupees One Hundred and Twenty Crores only) divided into 120,00,00,000 (One Hundred and Twenty Crores) equity shares of Re 1/- (Rupee One only) each to Rs 220,00,00,000/- (Rupees Two Hundred and Twenty Crores only) divided into 120,00,00,000 (One Hundred and Twenty
Crores) Equity Shares of Re 1/- (Rupee One only) each and 100,00,00,000 (One Hundred Crores) Redeemable Preference Shares of Re 1/- (Rupee One only) each.
(ii) a Committee of Directors on March 28, 2008 has allotted all the 100,00,00,000 Redeemable Preference Shares of the Company of Re 1/- each at par to Tata Sons Ltd.
The said Redeemable Preference Shares shall be entitled to a fixed cumulative dividend of 1% per annum and a variable non-cumulative dividend of 1% of the difference between the rate of dividend declared during the year on the Equity Shares of the Company and the average rate of dividend declared on the Equity Shares of the Company for the three years preceding the year of issue of the said Redeemable Preference Shares.
The other rights attached to the Redeemable Preference Shares are as contained in Article
5A, which has been approved for insertion vide Resolution No. 2 of the Postal Ballot
Notice dated January 24, 2008.
The said Redeemable Preference Shares are not being listed on any Stock Exchange.
Tags: TCS