Financial Daily from THE HINDU group of publications
Wednesday, Dec 22, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 22, 2004 |
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Corporate
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Announcements Agri-Biz & Commodities - Foods & Food Processing Lakshmi Overseas to pay 15 pc interim Our Bureau
Mumbai , Dec. 21 THE board of directors of Lakshmi Overseas Industries Ltd has decided to pay an interim divided of 15 per cent for the current fiscal year 2004-05. Lakshmi Overseas is a fully automated agro-based integrated unit manufacturing rice, solvent, cattle feed, rice bran and refined oil. The company reported net sales of Rs 159.83 crore during the first half of the year ending September 30, up by over 100 per cent from Rs 79.69 crore for the same period last year. After providing for expenditure, interest, depreciation and tax, net profit rose by 605 per cent to Rs 8.4 crore compared to the previous year's first half net profit of Rs 1.38 crore. This sharp rise in net profit levels was also reflected in earnings per share figures, which increased to Rs 8.49 from the previous year's first half figure of Rs 1.61. To strengthen the company's operations further, the company's board of directors have decided to offer and issue up to 4,94,000 equity shares of the company and up to 9,88,000 warrants to the promoter group on a preferential basis as per the provisions laid down by the SEBI. An extra-ordinary general meeting has been scheduled for January 5 to consider and approve the preferential allotment of equity shares and warrants. The company will also seek shareholders' permission to increase authorised capital from Rs 10 crore currently to Rs 15 crore.
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