The Hindu Business Line : Impal proposes 1:1 bonus

THE board of directors of India Motor Parts and Accessories Ltd (Impal) on Tuesday recommended an issue of bonus equity shares in the ratio of one bonus share for every existing equity share.

The company will seek its shareholders' approval for this proposal at an extraordinary general meeting scheduled for January 31, 2005, according to a company press release.

The paid-up share capital of the company is Rs 2.08 crore and after the proposed bonus issue, it will go up to Rs 4.16 crore. The reserves and surplus of the company as on March 31, 2004 stood at Rs 56.73 crore.

For the half year ended September 30, 2004, Impal posted a profit after tax of Rs 5.18 crore on sales of Rs 108.45 crore.

It may be recalled that Impal had proposed last year to buy back 2,70,900 equity shares of Rs 10 each at a price of Rs 180 per share, representing 13.02 per cent of the paid-up equity share capital of the company.

The company's shares are listed only on the Madras Stock Exchange. It is learnt that this proposal has now been withdrawn as approval from the Securities and Exchange Board of India was still pending.

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