ABG Shipyard declares 12 pc dividend for FY'06

Mumbai, May 24 (UNI) The Board of ABG Shipyard has recommended dividend of 12 per cent for the year 2005-06 on the equity share capital of the Company.

Announcing this, the Company said a decision on dividend payout was made at its Board meeting today. Further, it has approved to issue equity shares or convertible bonds or other securities convertible into equity shares at the option of the Company, in accordance with the SEBI guidelines.

This Special Resolution seeks to empower the Board of Directors to undertake a qualified institutional placement with qualified institutional buyers as defined by Chapter XIIIA of SEBI Guidelines.

Further, the Company informed that with this, the Board will have further liberty to raise the finances through the QIP (qualified institutional private investors) offering route or through an issue of GDR/ADR or bonds, as was authorized by the members of the Company at the Extraordinary General Meeting of the Company held on May 18.

UNI SN MAZ VKG2005