Arman Financial Services Ltd, a listed micro finance company is trading near it’s 52 Week high after it announced that it planned to go in for a rights issue soon.
In a meeting held by the Board of Directors of Arman Financial Services , the following proposals were approved –
1. Call off Management proposal for issue of Convertible Warrants on preferential basis.
2. Issue of 50,00,000 equity shares on right basis in the ratio of 6 shares for each 5 shares held by each shareholder having right of renunciation, at the premium of Rs. 5/- per share.Record date to be decided in consultation with Merchant banker and Stock Exchange.
3. Increase the Authorised Capital of the company subject to approval of the members of the company in ensuing General Meeting.
Arman Financial Services Ltd has also proposed a Final Dividend of @ 6% i.e. Rs. 0.60 per share for the financial year 2009-10. The Company will remain closed from September 01, 2010 to September 06, 2010 (both days inclusive) for the purpose of Payment of Final Dividend & 18th Annual General Meeting (AGM) of the Company to be held on September 06, 2010.