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Asian Paints gifts 1:2 bonus

Calcutta, May 28: Asian Paints — the country’s largest paints company — today announced it would issue bonus shares in the ratio of one for every two held, subject to the approval of shareholders.

Asian Paints also announced a 24.24 per cent rise in net profit on a topline growth of 19.58 per cent during the year that ended on March 31.

The company’s net profit of Rs 142 crore during the year, translates into an earning per share (EPS) of Rs 22.12. The company will be paying a final dividend of Rs 6.50 per share.

It has already paid an interim dividend of Rs 4.50, which takes the total dividend payout for 2002-03 to Rs 11.50 per share or 115 per cent.

Asian Paints’ net income from sales during the year stands at Rs 1,573.78 crore — Rs 257.77 crore higher than last year.

Asian Paints, at present, has a paid-up equity of Rs 64.18 crore. As a consequence of the bonus issue, its equity base will increase to Rs 96.27 crore.

The promoters of Asian Paints have a 42.6 per cent stake in the company. Public holding in the company is pegged at 23.54 per cent.

Mutual funds, banks and financial institutions together hold 15.26 per cent, while foreign institutional investors have a 18.59 per cent stake.

The results and the ratio of bonus issue that were announced today were largely in line with expectations in the market.

The Asian Paints stock closed at Rs 381 on the National Stock Exchange and Rs 380 on the Bombay Stock Exchange, representing gains of around 2.75 per cent. The stock had rallied past Rs 385 during the day.

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