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Jubilant moots stock split

Our Bureau

NEW DELHI, July 17

THE board of directors of Jubilant Organosys Ltd has recommended a stock split of two equity shares for every one existing equity share. Post the stock split the face-value of each equity share will be Rs 5 compared with Rs 10 at present.

Further, post the stock split, the total number of outstanding shares will increase to 15.51 million on fully diluted basis. The stock split will not affect the capital structure of the company.

"The objective of this was to provide the shareholders the benefit of the improved liquidity in the company's stocks," according to the Chairman and Managing Director, Mr Shyam S. Bhartia. The board has also approved the amalgamation/merger of Vam Investments and Vam Leasing with the company subject to the approval of the High Court, shareholders and creditors.

The company saw an increase in net sales by 12 per cent to Rs 162.5 crore from Rs 144.9 crore for the quarter ended June 30, 2002.

In line with its strategy the revenues from speciality chemicals business advanced by 29 per cent to cross Rs 100.2 crore and contributed 62 per cent of the net revenues compared with 54 per cent in the corresponding quarter last year.

Exports increase by a substantial 72 per cent to Rs 38.30 crore from Rs 22.20 crore in the comparable quarter last year.

Profit after tax increased by 162 per cent to Rs 12.1 crore, translating to an EPS of Rs 15.60 for the quarter.

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