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The Tinplate Company of India (TCIL) has declared a dividend of 12.5 per cent on both equity shares and non-cumulative optionally convertible preference shares of the company. Shareholders of the company approved payment of the dividend at the companys 87th annual general meeting.
The profit before tax in 2005-06 stood at Rs 39.50 crore (Rs 32.13 crore) even as the profit after tax in 2005-06 was Rs 48.96 crore (Rs 30.48 crore), including an amount of Rs 10.46 crore deferred tax asset being recognised.
The companys shareholders also approved a resolution that increased the companys authorised share capital from Rs 276.50 crore at present to Rs 326.50 crore by the creation of five crore equity shares of Rs 10 each aggregating Rs 50 crore. The hike in the companys authorised share capital was described as a proactive measure to help raise funds for future projects.
The company was augmenting its tinplate capacity from 1.8 lakh tonnes per annum to 3.8 lakh tonnes per annum by setting up a new tinning line of 2 lakh tonnes per annum capacity at an investment of Rs 210 crore. The investment on the expansion project would be generated from internal accruals and debt. The new facility would be operational by April 2008.
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| Posted : 7/12/2006 |
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