Kajaria Ceramics to create Rs 700 cr charge on assets

New Delhi, Aug 31: Kajaria Ceramics Ltd today said its members have accorded their approval to creating up to Rs 700 crore charge on the assets of the company and raising 50 million dollars through issue of Global Depository Reciepts (GDRs) and Foreign Currency Convertible Bonds (FCCBs).

The money raised through the issue will be utilised for expansion, corporate restructing, meeting working capital and future acquisitions requirement.

The members have also sanctioned their approval to increase the borrowing power of the board up to Rs 700 crore under Sec 293 (1) (d).

Also, a dividend of 35 per cent per equity share on the paid up capital of the company for the year-endING March 31, 2006 has been decided to be paid.

UNI