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Our Bureau

Kolkata , May 1

SEBI is likely to give the final approval for the Rs 70-crore rights issue of Upper Ganges Sugar & Industries Ltd soon. According to Mr C.S. Nopany, Director of Upper Ganges Sugar, work on the rights issue is progressing smoothly and the company has done all the necessary formalities. "We are hoping to get the formal clearance from SEBI within the first week of May . Subsequently, we would finalise the issue date and other details," Mr Nopany told Business Line.

Upper Ganges Sugar & Industries, which is the flagship sugar venture of the K.K. Birla Group, would be utilising the proceeds of the proposed rights issue for its long-term capital needs.

Meanwhile, for quarter ending March 31, 2006, the company's gross sales has dropped to Rs 118.26 crore from Rs 125.59 crore registered in the corresponding quarter of the previous year. However, profit before tax has increased to Rs 18.69 crore from Rs 12.23 crore.

Net profit suffered and dropped to Rs 9.99 crore from Rs 10.56 crore.

Upper Ganges follows the July-June financial year. In the first nine months of 2005-06, its profit after tax jumped by over 90 per cent to end at Rs 27.02 crore from Rs 14.09 crore.

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