IPCL posts Rs 517-million net profit in Q4

Mumbai: Indian Petrochemicals Corporation Ltd (IPCL) has posted a net profit of Rs 516.60 million for the quarter ended 31 March 2002 as compared to Rs 991.20 million for the corresponding period last fiscal.

The total income has increased from Rs 13,881.50 million in MQ01 to Rs 14,459.90 million in the quarter ended 31 March 2002.

The company has posted a net profit of Rs 1,074.70 million for the year ended 31 March 2002 as compared to Rs 2,489 million in the year ended 31 March 2001. The total income has decreased from Rs 51,736.90 million in the year ended 31 March 2001 to Rs 49,040.80 million in the year ended 31 March 2002.

The board has recommended a dividend of 20 per cent for the year 2001-02.

The board also approved the share transfer application made by Reliance Petroinvest Ltd, whose offer for purchasing 26 per cent of the companys share with management control was accepted by the central government, as they were the highest bidders and offered Rs 231 for each equity share.

Says IPCL outgoing chairman Ashok Chawla: The company is now fully geared to face future challenges and is bound to scale greater heights. I request customers, shareholders, business associates and employees to extend full support to the new management.

On 21 May 2002, Reliance Petroinvestments, a Reliance group company, acquired 26 per cent of the equity shares of IPCL offered by the government under the disinvestment programme.

Reliance Petroinvestments had acquired 6,45,38,662 fully paid-up equity shares of Rs 10 each, representing 26 per cent of the total equity share capital of IPCL at a price of Rs 231 per share.

Reliance also made an offer to the public shareholders of IPCL to acquire 4,96,45,125 fully paid-up equity shares of Rs 10 each, representing 20 per cent of the paid-up equity share capital of IPCL at a price of Rs 231 per share. ICICI Securities and Finance Company Ltd is acting as the manager to the offer.