Birla Power Solutions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 30, 2010, inter alia, has considered and transacted the following items:
1. Recommended payment of dividend at the rate of 7.5 percent (i.e. Rs. 0.075 per share) for the financial year ended March 31, 2010 on the existing paid up capital.
2. Approved, subject to the approval of the shareholders in the ensuing annual General Meeting, issue of bonus shares at the rate of one fully paid bonus share of Re. 1/- each for every five existing shares of Re. 1/- each by capitalizing permissible reserves standing in credit in reserves as at March 31, 2010, to those shareholders standing in the Register of Members on a record date to be fixed by the Board.
3. Approved, subject to the approval of shareholders, increase in authorized capital from Rs. 300 crores to Rs. 425/- crores by creation of additional 125 crores equity shares of Re. 1/- each.