Birla Power to raise USD 25 mn
Birla Power to raise USD 25 mn >The members of Birla Power Solutions at the 21st annual general meeting (AGM) of the company held on Sep. 19, 2007, decided to increase the authorized capital from Rs 300 million to Rs 550 million and to raise up to USD 25 million by further issue of securities including GDRs and / or ADRs and / or FCCBs and or other securities convertible into equity shares. Further, the members approved a dividend of 6% (Rs 0.60 a share) on equity shares and also approved the accounts for the period ending Mar. 31, 2007.
Birla Power Solutions reported steep drop of 31.95% in net profit for the quarter ended June 2007. During the quarter, the profit rose to Rs 17.76 million from Rs 26.10 million, in the corresponding quarter last year.
Net sales for the qu arter rose 3.38% to Rs 478.34 million compared with the corresponding quarter last year.
Shares of the company gained Rs 0.50 , or 1.48%, to Rs 33.25. The total volume of shares traded were 108,265 at the BSE.(3.24 p.m,Wednesday).
