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Our Bureau

Kolkata , Sept. 19

Equity shares of Rama Newsprint and Papers Ltd (RNPL) are being re-listed in the National Stock Exchange and the Bombay Stock Exchange from Wednesday (September 20.)

The company has issued 5.81 crore equity shares of Rs 10 each pursuant to the reduction in capital as per the scheme of arrangement of the company.

The paid-up equity capital of the company before reduction of capital was about Rs 232 crore consisting of 23.26 crore equity shares of face value of Rs 10 each fully paid-up. Pursuant to the scheme, the paid-up equity capital of the company stands reduced by cancellation of Rs 7.50 of every equity share of Rs 10 each fully paid-up and simultaneously thereafter four such fully paid-up equity shares of Rs 2.50 each have been consolidated into one fully paid-up equity share of Rs 10 each.

The scheme of arrangement of the company was approved by the Gujarat High Court in May 2006, and the order was effective from June 7, 2006 while the date of allotment was July 29, 2006.

The RNPL management had fixed July 28, 2006 as "Record Date" for giving effect to the scheme of arrangement and, accordingly, dealing in the above mentioned securities of the company was stopped in stock exchanges with effect from July 21.

In respect of shares held in physical form, the company has issued new certificates without surrender of the old equity share certificates and accordingly the old share certificates shall stand cancelled. The equity shares in dematerialised form after the scheme of arrangement has been credited in the new ISIN No.INE278B01020.

According to RNPL source, the company had shown substantially improved results for the Q1 ended June 2006 as its net sales has increased by 33 per cent to Rs 89.05 crore from Rs 66.85 crore in the corresponding quarter of the previous year. Profit before depreciation, tax and extra-ordinary items jumped by 232 per cent to Rs 24.77 crore against Rs 7.45 crore in previous year's corresponding quarter.

Net profit for the quarter under review was Rs 10.22 crore against a net loss of Rs 3.12 crore in the previous year's corresponding quarter. Earning per share for the quarter under review was Rs 1.76 per share.

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