TIL declares special interim dividend of 175 pc

Mumbai, Mar 23 (UNI) Tube Investments of India Ltd (TIL) has declared a special interim dividend of 175 per cent at Rs 17.50 per equity share of Rs 10 each for FY 06.

TIL stated that the board of directors in its meeting held today, also approved the sub-division of the equity share of Rs 10 each into five equity shares of Rs two each. The consequential alteration in the company's memorandum and articles of association was also approved, in a release to the BSE, TIL here today said.

The board of directors also appointed Mr Sumit Banerjee as the company's Managing Director for a period of five years with effect from April 17.

The company would be seeking the approval of its shareholders for sub-division of the equity shares, through postal ballot pursuant to section 192 A of the Companies Act, 1956, read with Companies (Passing of the resolution by Postal ballot) Rules, 2001, the release added.

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