Financial Daily from THE HINDU group of publications
Thursday, Aug 05, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 05, 2004 |
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Corporate
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ESOPs Bal Pharma proposes 15 pc dividend, ESOPs Our Bureau
Bangalore , Aug. 4 THE board of Bal Pharma Ltd has recommended a 15 per cent dividend for 2003-04. It has approved allotment of preferential shares and also a 1:2 rights issue at a premium of Rs 20 per share. Pending shareholder approval, the Bangalore-based bulk drugs manufacturer may also become one of the few and early domestic pharma companies to offer ESOPs. The board has recommended introduction of a stock option scheme, which, sources say, would be applicable to all its employees as a productivity-linked incentive. Bal has about 200 non-field staff and about 500 field employees. An expansion plan is also on the anvil. The proposal is to invest Rs 30-35 crore in a bulk actives and a formulations plant at Bangalore, where Bal has two of the three existing plants, as Bal Pharma Managing Director, Mr Sailesh Siroya, had earlier told Business Line. For the quarter ended June 30 this year, the company has announced gross income of Rs 16.39 crore and net profit after tax of Rs 92.92 lakh. For the fiscal year 2003-04, it reported total earnings of Rs 62.12 crore (Rs 45 crore) and a marginally higher net profit of Rs 2.86 crore.
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