The Hindu Business Line : NPIL board nod for raising up to $1.5 b

The board of Nicholas Piramal India Ltd (NPIL) has approved an enabling resolution to raise up to $1.5 billion through a domestic or overseas issue to fund potential acquisitions.

Subject to requisite approvals, NPIL's board has approved raising of resources through issue of appropriate securities in domestic and/or international markets, the company told the Bombay Stock Exchange (BSE).

The company has also informed the BSE that it has recommended dividends of 6 per cent on 15 lakh non-cumulative redeemable preference shares of Rs 100 each, 5 per cent on 15 lakh cumulative redeemable preference shares of Rs 100 each and five per cent on 2.34 crore cumulative redeemable preference shares of Rs 10 each.

The board has recommended a dividend of Rs 3 per equity share of Rs 2 each for the financial year ended March 31, 2006. This includes dividend for the full year on the equity shares issued on rights basis in August 2005, the announcement said.

Restructuring

Following the internal group restructuring, Mr Vijay Shah will cease to be Chief Operating Officer and Whole-time Director of NPIL from April 30. His new responsibility will be at the helm of Gujarat Glass Pvt Ltd as Managing Director. GGPL is the subsidiary of Kojam Fininvest Ltd, a company under Piramal Enterprises Group.

Financial performance

NPIL has posted a net profit of Rs 37.59 crore for the fourth quarter ended March 31, 2006, as compared to a net loss of Rs 12.48 crore for the quarter ended March 31, 2005. Total income (net of excise) has increased to Rs 343.15 crore (Rs 231.67 crore)The company has posted a net profit of Rs 170.35 crore for the year ended March 31, 2006, as compared to Rs 169.57 crore for the year ended March 31, 2005. Total income (net of excise) increased to Rs 1,449 crore (Rs 1276 crore)The group posted a consolidated profit of Rs 15.17 crore for the quarter ended March 31, 2006, as compared to the consolidated loss after prior period items of Rs 13.43 crore for the quarter ended March 31, 2005. Total Income (net of excise) increased to Rs 432.26 crore (Rs 249.59 crore)For the full year, the group has posted a consolidated profit of Rs 120.65 (Rs 164 crore).

Total income (net of excise) has increased to Rs 1,621.72 crore (Rs 1,341 crore). NPIL closed on the BSE at Rs 240.90, down 3.62 per cent.

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