KS Oils shareholders okay fund raising of USD 100mn

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KS Oils shareholders okay fund raising of USD 100mn

K S Oils shareholders okay fund raising of USD 100 nn for expansion at the company’s 22nd AGM proceedings; also clears stock split at Rs. 1/- per share value from earlier Rs 10/- to ensure broader shareholder participation

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K.S. Oils , one of India's leading edible oil companies and the country's largest producer of mustard oil, today announced the conclusion of its 22^nd AGM at Morena, MP where the shareholders participated in great numbers and evaluated and discussed the company's performance for the year 2006-07 along with the senior management.

The AGM okayed a stock split at Rs. 1/- per share value from earlier Rs. 10/- to ensure broader shareholder participation; all the shareholders agreed that this step is a very important direction in ensuring greater and equitable participation in the company's growth plans, profits and wealth creation.

The shareholders whole heartedly supported the Board's announcement of an expansion plan of Rs. 650-750 crores in the next 18-24 months which will fund capacity expansion in new green field projects and also the company's foray into wind power generation. The expansion strategy will be implemented in the rich mustard seed growing belts of Rajasthan and Madhya Pradesh.

An initial fund infusion of Rs. 400 crores (USD 100 million) was okayed by the shareholders with raising of funds through GDR/ FCCBs or Equity Shares or securities convertible in to equity shares on Preferential basis which includes the promoter contribution of Rs. 100 crores.

K S Oils shareholders also approved a handsome dividend of 15% which will entail a dividend payout of Rs. 3.31 crores.

Other regular items discussed and passed by at the AGM were the Audited Profit & Loss Account for the year ended March 31, 2007 and the Balance Sheet as at that date together with the Report of the Directors and the Auditors thereon. The Authorized Share Capital of the Company was increased from Rs. 30 crores to Rs. 40 crores and consequential amendments in the Memorandum and Articles of Association of the Company.

Sourced From: Beehive Priority Consultants