Financial Daily from THE HINDU group of publications
Tuesday, May 25, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 25, 2004 |
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Corporate
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Bonus Announcements Shanthi Gears opts for stock split; recommends 1:1 bonus issue G. Gurumurthy
Coimbatore , May 24 SHANTHI Gears Ltd has decided to opt for stock splitting with a view to enhancing liquidity for the company's shares. The proposal to split the shares made at a meeting of the board of directors on Monday will see sub-division of equity share of Rs 10 face value into 10 equity shares of Re 1 each. The company has stated that the stock split will also help widen the shareholder base. The board has also recommended 1:1 issue of bonus shares. Both the stock split and the bonus issue will be subject to the approval of the members of the company at the AGM scheduled for July 2. The bonus issue will follow the stock split. The post-bonus issue will see the company's share capital doubling from Rs 3.90 crore to Rs 7.80 crore and the earnings per share go down from Rs 34 to Rs 17. The board, which approved the audited financial results for the year ended March 31, 2004, also announced a dividend of 75 per cent (up from last year's 60 per cent) for the year. The company's financial performance for the year under review has been impressive both in terms of sales and profit. Sales income rose by 52 per cent to Rs 97.54 crore (Rs 63.80 crore), while profit after tax grew by 103 per cent to Rs 13.23 crore from Rs 6.51 crore. Depreciation charge was higher at Rs 8.31 crore (Rs 5.83 crore), as was taxation at Rs 5.10 crore (Rs 3.84 crore). The outgo on account of dividend payment would be Rs 2.92 crore and the reserves and surplus of the company as on March 31, 2004 are up at Rs 51.47 crore from the previous year's Rs 44.12 crore.
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