Comments
Fertiliser producer Coromandel International has reported a 20 per cent dip in its standalone net profit for the second quarter of the current fiscal at Rs 279 crore (Rs 350 crore) in the year-ago period. The turnover was Rs 2,793 crore (Rs 2,733 crore).
“During the quarter, the company sold remaining quantum of the Government of India Special Bonds. Accordingly, the company has accounted for the loss of Rs 42.67 crore and the same has been shown as other expenditure. Consequently, the provision towards Mark to Market loss made earlier on such bonds amounting to Rs 68.89 crore has been reversed and shown under Other Operating Income,” it said in a filing to BSE.
Redeemable Bonus
The board of the company has also approved issue of unsecured redeemable bonus debentures of the face value of Rs 15 for every share held, as a “reward to shareholders” on the occasion of its celebration of golden jubilee year. This will involve a cash outflow of Rs 495 crore.
“The allotment may take place within four to six months after we get the necessary approvals from stock exchanges, regulatory authorities and the AP High Court,” Mr A. Vellayan, Chairman of the company, told newspersons here.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.