Asian Paints proposes 3-5 bonus

MUMBAI, MAY 30: Paint major, Asian Paints has decided to issue bonus shares in the ratio of 3:5 (for every 5 equity shares held, a shareho...

MUMBAI, MAY 30: Paint major, Asian Paints has decided to issue bonus shares in the ratio of 3:5 (for every 5 equity shares held, a shareholder will get three bonus shares). Announcing this, Vice-Chairman and Managing Director of APL, Ashwin Dani said the announcement of bonus shares is the company’s commitment to enhance shareholders wealth.

He said aided by significant volume growth in the paints business, the company has reported a 26.6 per cent rise in net profit at Rs 97.34 crores during the financial year ended March 31, 2000 as against Rs 76.88 crores during the previous year. Net profit for the fourth quarter was at Rs 34.59 crores as compared to Rs 28.87 crores during the same period last year, an increase of 19.8 per cent.

For the year ended March 31, 2000, gross sales was at Rs 1,341.64 crores as compared to Rs 1128.01 crores, an increase of 18.9 per cent. Net sales rose by 19.2 per cent to Rs 1066.17 crores during the year. Other income was lower at Rs 13.58 crore as compared to Rs 14.90 crore in the previous year.

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Paint sales showed a healthy growth of 18.10 per cent at Rs 1221.22 crores against Rs 1033.99 crores.

The company would explore opportunities in the emerging markets and continue creating new segments and exploiting new markets, Dani said.

Meanwhile, former State bank of India chairman Dipankar Basu and Housing Development & Finance Corporation (HDFC) managing director Deepak Satvalkar was inducted onto the board of Asian Piants. The induction of these professionals is in line with the Securities and Exchange Board of India’s (Sebi) recent corporate governance code stipulating the inclusion of independent directors on the board.