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  Media and Press Release  
Title :   Outcome of Board Meeting and Credit Rating
Submit Date :   09 Nov 2016
Description :   A. Board of Directors of the Company in their meeting held on November 9, 2016 has taken the following decisions:  
  1. Taken on record the Unaudited Financial Results of the Company for quarter ended on September 30, 2016.
  2. Approved re-appointment of Mr.R. S. Jauhar as Executive Vice Chairman of the Company, subject to the approval of shareholders.
  3. Approved setting up of a plant in Indore under a subsidiary.
  4. Approved manufacturing of a new product i.e. Stablizer Bars.
  5. Approved declaration of interim Dividend of Rs.1.50 per equity shares of Rs.5 each. Interim Dividend will be paid on or before December 9, 2016. 
  6. Fixed a record date of Friday, November 23, 2016 for the purpose of payment of Interim Dividend.

B.  ICRA has reaffirmed the rating of the Company for Lines of Credit on the long-term scale at [ICRA] AA- (pronounced ICRA double A minus) and on short term scale at [ICRA] A1+ (pronounced ICRA A one plus). Outlook on the long-term rating is stable. ICRA has also assigned the ratting for commercial paper program of the Company at Provisional [ICRA] A1+.

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