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Varun Shipping Company has informed the Bombay Stock Exchange (BSE) that at a meeting held on March 16, 2004, the board of directors have decided to issue 3,62,61,591 shares on a rights basis to the shareholders in the ratio of one equity share for every two equity shares held.

Further the board has also constituted a committee of directors and authorised it to explore the possibility of issuing Singapore Depository Receipts and list the same on the Singapore Stock Exchange.

Cipla has informed the BSE that the company's board will meet on March 23, 2004, to consider a subdivision of the existing face value of equity shares of Rs 10 each of the company into such smaller denomination.