The Hindu Business Line : Suprajeet to issue 1:1 bonus, pays 45 pc interim

SUPRAJEET Engineering, a Bangalore-based automotive cable and speedometers manufacturer, has decided to issue 1:1 bonus shares to its shareholders. The company has also decided to split the existing shares of Rs 10 each into 2 shares of Rs 5 each.

The declaration comes in the wake of Suprajeet's impressive performance over the last few years. It has in fact rewarded its shareholders with an interim dividend of 45 per cent (Rs 4.50 on each share of Rs 10). The company had paid a dividend of 45 per cent for the full year 2003.

According to a company spokesman, this is the highest interim dividend declared by it at the end of nine months. Earlier in 2002 and 2003, it had declared interim dividends of 20 and 25 per cent, respectively.

The spokesman said Suprajeet had taken the decision to issue bonus shares and split the stock value at its board meeting held specifically for the purpose on January 20. The meeting also decided to delist its shares from the stock exchanges of Bangalore, Chennai and Ahmedabad to save costs. Suprajeet recorded a 54 per cent increase in its sales to Rs 22.48 crore (Rs 14.6 crore) for the third quarter ended December 31, 2003.

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