New equity shares for Dunlop shareholders

Kolkata, Mar 20 (UNI) The board of directors of Dunlop India has resolved to offer new equity shares of Rs 10 each to its shareholders.

Company sources said in accordance with an order passed by the BIFR, six new equity shares wouLd be alloted for every 10 equity shares held in the company.

In order to issue new equity shares on rights basis, the existing authorized share capital of the company had also been proposed to be increased.

BIFR permitted Dunlop India to enhance its existing authorized share capital to Rs 750 million from Rs 700 million and to issue 27 million equity shares of face value of Rs 10 each at par by Apr. 15, 2007.

Shares of the company have been suspended from trading at the bourses.

Meanwhile, the company announced that an extra-ordinary general meeting (EGM) of the members of the company would be held on April 14.

Recently, the Board for Industrial and Financial Reconstruction (BIFR) ordered the BSE and regional stock exchanges of Kolkata, New Delhi, Chennai and Ahmedabad to lift the suspension on trading of Dunlop India shares.

In February 2003, Dunlop India shares were delisted from the BSE following non-payment of listing fees by the then owner Manu Chhabria.

UNI