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Thursday, Sep 26, 2002

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Rasoi open offer for buyback soon

Our Bureau

KOLKATA, Sept. 25

THE management of Rasoi Ltd will soon come out with an open offer for buyback of its shares representing 10 per cent of the paid-up equity and free reserves of the company. The paid-up equity is at Rs 1.80 crore and the reserves are placed at Rs 11.06 crore.

Mr Raghu Mody, Chairman of the company, told Business Line that the management has initiated the process for the proposed buyback programme. "We hope to complete the process by the next six months," Mr Mody said.

The shareholders of the company at the 98th AGM here on Wednesday approved the buyback proposal. The promoters and persons acting in concert hold around 49.78 per cent stake in the company, while institutional holding is placed at 10.42 per cent. The current public holding in the company is around 38.41 per cent.

The Rasoi scrip on Wednesday closed at Rs 20.25 on the Bombay Stock Exchange. Its 52-week high is Rs 34.90 and the low is Rs 18.25.

Meanwhile, at the AGM, Ms Shashi Mody, Vice-Chairman of the company, informed the shareholders that the company's new plant, 30 km south of the city, has started commercial operations in June. Ms Mody said the old plant located in the city has been closed down.

The Chairman indicated that since the plant was in a prime residential area, the property might be utilised for real estate development.

The company has planned to launch margarine shortly, Ms Mody said. Rasoi has recently added rice bran and sunflower oil to its product portfolio. Rasoi's main product is vanaspati.

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