Ashok Leyland issues instruments for $150 mln; dividend at 120%

New Delhi, Aug 27 (UNI) Leading commercial vehicle manufacturer Ashok Leyland said it has decided to issue and allot equity shares, Global Depository Receipts (GDR) and Foreign Currency Convertible Notes (FCCNs), to foreign institutions and investors, for 150 million dollars.

This was decided by the Board of Directors of the company at its 57th Annual General Meeting (AGM) held on August 1, 2006.

''The Board can offer, issue and allot in the course of international offerings to foreign institutions and investors, through a public issue and/or on a private placement basis, equity shares, GDRs, securities convertible into equity shares, and FCCNs or bonds, not exceeding 150 million dollars,'' a company spokesperson said.

The company has also declared a dividend of 120 per cent (Rs 1.20 per equity share of Re 1 each) on paid up share capital of the company for the year ended March 31, 2006.

Besides, the company has re-appointed Mr S R Krishnaswamy and Mr R J Shahaney as Directors of the company.

Further, the company has also said that Mr F J Colon Martinez and Mr S V Young have ceased to be Directors of the company, on the expiry of their terms of office and are not seeking reappointment.

The Board does not propose to fill up the vacancy now.

UNI RA SRS RN1216