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Our Bureau

Mumbai , Jan. 17

Manappuram General Finance and Leasing Ltd. (MAGFIL), a non-banking finance company, has recorded a growth of 227 per cent in its net profit for the third quarter ended December 2006. Net profit amounted to Rs 3.13 crore, against Rs 0.96 crore in the corresponding quarter of the previous year. Total income rose 111 per cent to Rs 12.06 crore (Rs 5.72 crore).

"The rise in profit for the quarter has been the increased availability and support of institutional money," said Mr V.P. Nandakumar, Chairman and Managing Director, MAGFIL. Earnings per share for the quarter stood at Rs 5.62 (Rs 1.89).

Bonus issue

The company has recommended a bonus issue of 1:1. Post-issue, the total paid-up equity capital of the company will amount to Rs 11 crore.

The company aims for geographical expansion and functional diversification in the coming years.

More Stories on : Bonus Announcements | NBFCs

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