Varun Shipping gets shareholders'' nod to raise Rs2,500 crore

11 Oct 2006

Mumbai: Varun Shipping Company Ltd has received shareholders' approval to raise up to Rs2,500 crore through issue of securities in the domestic and international markets. The issue will be in the form of equity shares, debentures, foreign currency convertible bonds, global depository receipts or any other financial instruments to foreign or domestic investors, Varun Shipping said in a filing with the Bombay Stock Exchange (BSE).

The allotment would be subject to such terms and conditions as the board may determine from time to time and other necessary approvals, the company said in the statement.

Shareholders also approved a final dividend of Rs1.50 per equity share capital for the year ended March 31 and a dividend of 13.25 per cent on cumulative redeemable preference shares of Rs100 each for same period. Shareholders also authorised the purchase of equity share capital up to 49 per cent, including existing holdings of all FIIs put together, subject to necessary provisions, it said.

The AGM also approved the company's plan to de-list its equity shares from the Ahmedabad, Calcutta and Delhi stock exchanges, it added.