Reliance Defence narrows loss to Rs 577.22 crore

Reliance Defence and Engineering Ltd has reduced its consolidated loss to Rs 577.22 crore for the year ended March, 2017.
The company had posted a loss of Rs 592.42 crore for the year ended March 31, 2016, Reliance Defence and Engineering said in a filing to BSE.
The consolidated total revenue of the ocmpany for the year ended March 31, 2017 increased to Rs 603.12 crore, over Rs 346.16 crore in for the year ended March 31, 2016.
The company said that its board, at a meeting held today, has approved revalidation and approval of rights issue up to Rs 1,200 crore which was approved "by the board held in April 22, 2016."

The board has also approved the appointment of Kartik Subramaniam, Chief Executive Officer, as a whole-time director of the comapny with effect from today in place of H S Malhi who superannuated from the services of the comapny and "ceased to be the whole-time director with effect from April 11, 2017."
The appointment of Subramaniam, CEO, as "Whole time director of the company is approved for three years with effect from April 11, 2017.