Bayer ABS surges 3% on dividend declaration

DALAL STREET SPIKES

Bayer ABS surged over three per cent in intra-day trading after the company announced a special dividend of Rs 8 per share on Tuesday. The stock finally closed at Rs 151, up nearly two per cent with over 3.74 lakh shares traded.

The dividend would be paid to those shareholders whose names appear on the register of members as on February 18, 2005. The dividend would be paid thereafter within stipulated period.

Bayer AG, the earlier holding company of Bayer ABS, said that in view of the spin-off, the permission to the company to use the words "Bayer" and "Bayer-Cross" in any manner, stands withdrawn. Hence, in the light of the withdrawal of the Bayer name, the company has decided to change its name to Lanxess ABS.