The Finolex Cables board has decided to amalgamate the company's two wholly owned subsidiaries, Creole Holdings and Finolex Finance, with itself.
Creole Holdings had a total turnover of Rs 1.96 crore in 1996-97 which was mainly on account of sale of property of Rs 1.78 crore. Net profit was Rs 41 lakh as against Rs 35 lakh the previous year.
Finolex Finance on the other hand reported an income of Rs 2.07 crore, through sale of securities dividends and interest but net profit was lower at Rs 52 lakh, down from Rs 1.08 crore due to valuation of stock-in-trade at marketvalue and sale of investments yielding lower realisations. The two companies, together hold a substantial stake in Finolex Industries.
While Creole Holdings has 865,000 equity shares in Finolex Industries, Finolex Finance holds 84,33,153 equity shares
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