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Our Bureau

Coimbatore, June 8

The directors of Rajshree Sugars and Chemicals have recommended a dividend of 50 per cent for the just ended fiscal. At the extraordinary general meeting held here on Thursday, the board had sought shareholders' approval to raise equity through various modes and enhance borrowing limits to Rs 600 crore for proposed greenfield and expansion projects in Tamil Nadu, Andhra Pradesh and Bihar.

"The enabling resolution has been passed. We will wait for the opportune time to raise the equity," a company source told Business Line, without elaborating on the mode planned.

The company has reported a turnover of Rs 190 crore during 2005-06, up by 43.22 per cent compared to Rs 272.16 crore during the corresponding period a year ago. Its net profit after tax rose 82.13 per cent to Rs 30.58 crore and operating profit touched Rs 65.91 crore (Rs 38.69 crore). Interest outgo increased to Rs 10.4 crore (Rs 6.18 crore), and the provision for deferred tax liability doubled to Rs 10.57 crore (Rs 5.11 crore).

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