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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).

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