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Birla Global Finance scrip spurts on dividend of 20%
FE INVESTOR BUREAU
NEW DELHI, Dec 29: Birla Global Finance Ltd, belonging to the Aditya Birla group, has seen a substantial appreciation in the current rally. Thanks to a 20 per cent dividend for the 12 months ended September, 1997, the scrip has seen an appreciation of over 25 per cent. The scrip, which was trading at Rs 14.85 on December 9, 1997, has risen to the current level of Rs 20.60.On December 17, the day before the company announced a dividend of Rs 2 per share, the scrip spurted from Rs 15.35 to Rs 16.80 and it witnessed a volume of 3,200 shares as against the average daily volume of 100-200 shares. On December 19, the scrip gained nearly 12 per cent in just one day as the yield worked out to 11.86 per cent. On December 26, the volumes further increased to 5000 shares. For the year ended September 30, 1997, the company's revenue has gone up from Rs 66.05 crore in the previous year to Rs 92.22 crore. The net profit also rose from Rs 6.37 crore to Rs 8.31 crore. The company has increased its presence in fund-based
and fee-based activities. The total fund deployed has grown from Rs 323.01 crore to Rs 442.55 crore. As on September 30, 1997, the company had a deposit base of Rs 228.8 crore. Last year the company came out with 18 per cent optionally convertible secured debentures of Rs 67.50 each for cash at par aggregating Rs 45.55 crore on rights basis. The debentures were divided into two parts, with part A being compulsorily converted into one equity share on September 30, 1996. While in the case of Part B, conversion is optional, in the event of conversion option not being excercised, the part B shall be redeemed at par on the expiry of 17.5 months from the date of allotment i.e. September 30, 1996. The Part B has a face value of Rs 40 and the company will have to face cash outflow in the month of March, 1997.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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