Hira Ferro Alloys Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 21, 2011, inter alia, has transacted the following: 1. The Board, subject to approval of shareholders, has approved issue bonus shares out of reserves created out of profits and security premium account in the ratio of Four (4) equity share of Rs. 10/- each fully paid up to the members of the Company for every existing One (1) equity share held. 2. The Board has also decided to increase the authorized share capital of the Company from Rs. 12.00 Crores to Rs. 20.00 Crores by creation of 80.00 lacs equity shares of Rs. 10/- each to accommodate the Bonus Issue. 3. An Extra-Ordinary General Meeting of the shareholders of the Company shall be held on July 01, 2011 for obtaining the approval of the shareholders for issue of bonus shares, for increasing the Authorized Share Capital and for alteration of Articles of Association of the Company. 4. The Board recommended Dividend of Rs. 3.00 per shares (i.e. 30%) for the year 2010-11. However no dividend shall be paid on the bonus shares to be allotted as proposed above for the Financial Year 2010-11. 5. The Board, subject to approval of the shareholders, has re-appointed Shri Narayan Prasad Agrawal as Managing Director of the Company for a further period of five years with effect from October 01, 2011. The Board of Directors has decided that the approval of shareholders for re-appointment of Managing Director will be taken in the ensuing AGM, since his present tenure of office as Managing Director will be expiring on September 30, 2011.
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