Britannia Industries looks at expanding outside adjacents

Britannia Industries is looking forward to expand their territory outside adjacent businesses, a company official said on Monday.

"I believe that now we are poised to look at businesses outside even our adjacents (adjacent business). Today, we are in a position in terms of management to be able to look at acquisitions if they make sense," company's Chairman Nusli N. Wadia told shareholders at the 99th Annual General Meeting (AGM) here.

The company which completed 100 years on March 21, on Monday said its board recommended bonus debentures and proposed subdivide of shares.

"This is to inform you that the Board of Directors at its meeting held today (Monday) has recommended and approved issuance of secured redeemable non-convertible debentures, as bonus debentures of Rs 60," the company said in a regulatory filing.

It will be in the ratio of one (bonus debenture) for every one equity shares, held by the shareholders of the company on a record date as may be decided, subject to the approval of National Company Law Tribunal, Kolkata, and any other approval as may be required, it said.

According to Wadia, the company would be issuing over 12 crore bonus debentures of about Rs 720 crore.

During the AGM, Wadia said the board on Monday decided to give notice to the appropriate authority and stock exchanges to subdivide the equity shares of Rs 2.

According to the company's annual report, the board recommended a dividend of 1250 per cent and the total dividend payout amounts to Rs 361.84 crore including dividend distribution tax of Rs 61.70 crore.

The company reported a 19.6 per cent increase in its consolidated net profit to Rs 258 crore in the first quarter of the current fiscal (2018-19) as compared to Rs 216 crore in the year-ago period and on a comparable basis, its consolidated revenue was up for the quarter by 13.6 per cent.

--IANS

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