Prestige Estate board recommends final dividend

Prestige Estates Projects Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on May 28, 2012, transacted the following:

1. The Board at the meeting has decided to recommend a first & final dividend at the rate of 12% on the equity shares of the Company for the financial year ending March 31, 2012.

2. The Board at the meeting has approved the investments to be made and loans, guarantees, securities to be provided to Subsidiary and other Group Companies under Section 372A of Companies Act, 1956 and has also approved to conduct postal ballot in order to take approval of members as prescribed under Section 192A of the Companies Act, 1956.

3. The Company has also subscribed for 25,39,980 Optionally Fully Convertible, Non-cumulative, Redeemable Preference Shares (OFCNRPS) of Rs. 10 each of Prestige Leisure Resorts Private Limited at a premium of Rs.72.68 per share.

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