Financial Daily from THE HINDU group of publications
Thursday, Mar 04, 2004
Financial Daily from THE HINDU group of publications Thursday, Mar 04, 2004 |
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Corporate
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Bonus Announcements Gravity India board okays 2:1 bonus Our Bureau
Mumbai , March 3 GRAVITY India Ltd has informed the Bombay Stock Exchange that at the meeting of the Board of Directors held on March 1, the board approved the issue of bonus shares to shareholders, recommended by directors in the ratio of 2:1, that is, 1 bonus shares for every 2 equity shares held, subject to the shareholder approval at the general meeting. For the 60,01,300 issued and subscribed equity shares, the company will issue 30,00,650 equity shares as bonus. The amount of bonus shares will be appropriated from the share premium account and the general reserve account. According to official sources, the company has also decided to enter the high-end upholstery fabric and curtain market under its brand `Gravity'. It is also tying up with leading stores in India and overseas market to cater to the retail market. It has initiated dialogue with `Home Décor and Upholstery Co', a large US player. Gravity will manufacture products for them in India and export the same under their brand name. The company is also in talks with the European garment brands such as `Boss' and `C&A, UK, London' to establish a long-term relationship with them, for which it will be setting up separate manufacturing facilities in Silvassa.
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