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GSL reduces debts
Godrej Soaps Ltd (GSL) has cut its debts from Rs 350 crore to Rs 250 crore. Thus, even as the offer for sale of part of the company's shareholding in Godrej Sara Lee has been deferred till market conditions improve, GSL has already cut its debts. Godrej Sara Lee was to come up with an IPO in November. GSL, which holds 22.5 per cent in the Godrej Sara Lee, had decided to dilute its shareholding through this route. According to GSL chairman Adi B Godrej, ``we have already reduced our debts to Rs 250 crore as on today. These will further reduce at the end of the current fiscal.'' The company has already received the acknowledgement from Sebi to launch the IPO within a year. Mr Godrej said that the company has kept its options open with regards to the IPO. However, it is highly unlikely that the firm will not exercise the IPO option, he said. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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