Financial Daily from THE HINDU group of publications
Friday, Nov 01, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Money & Banking - NBFCs
Markets - Rights Issues
Corporate Results - NBFCs


Cholamandalam rights issue to raise Rs 30 cr — Q2 profit up 60 pc

Our Bureau

MUMBAI, Oct. 31

CHOLAMANDALAM Investment and Finance Co Ltd (CIFCL), the Chennai-based non-banking finance company, today announced a rights issue to raise Rs 30 crore.

The board of directors of the company which met here approved the proposal.

The issue will be in the ratio of 1:2 at a price of Rs 35 per share. CIFCL today closed at Rs 41.30 on the BSE. The entire process is expected to be completed by end-March, 2003, said company officials.

Currently, the promoters hold 49 per cent stake in the company and institutions 15 per cent. The balance is with the public.

"The money raised will be utilised to grow the NBFC business,'' said Mr M. Anandan, Managing Director, CIFCL, at a press conference here today.

Meanwhile, the company posted a 60.15 per cent increase in net profit at Rs 6.39 crore this quarter as compared to Rs 3.99 crore in the corresponding period in the previous year.

Income from operations increased to Rs 53.70 crore (Rs 47.10 crore). Other income touched Rs 5 lakh compared to nil in the previous year.

Interest increased to Rs 23.94 crore (Rs 22.57 crore). Provision and other charges increased to Rs 3.59 crore (Rs 1.51 crore).

The net profit for the half-year stands at Rs 12.4 crore (Rs 8.2 crore).

Send this article to Friends by E-Mail
Comment on this article to BLFeedback@thehindu.co.in

Stories in this Section
Magma aims at 80 pc rise in business — Second-quarter PAT at Rs 2.22 cr


Re strengthens; gilts up
New series in Rs 10 notes
Bank rate cut short of industry expectations
Cholamandalam rights issue to raise Rs 30 cr — Q2 profit up 60 pc
Ashok Leyland Finance first-half net up 27 pc
Sun Life ready to hike stake in insurance venture
Dhanalakshmi Bank H1 profit up 33 pc
ICICI Bank posts Rs 285-cr consolidated net profit
IndusInd posts 2-fold rise in Q2 net profit
PNB donates Rs 5 cr to PM Relief Fund
Interest on recap bonds props up Indian Bank — H1 operating profit at Rs 198.66 cr
Corpn Bank opens another ATM in Mangalore
SBI cuts PLR 25 basis points
Banks keen to manage business risks better


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line