Infar (India) To Strengthen Core Business

This decision has been taken after the parent company, AKZO Nobel Pharma BV of the Netherlands, recently increased its shareholding in Infar (India) from 40 per cent to 50.4 per cent.

Infar's four operating areas are human pharma, veterinary, diagnostics and chemicals. The company is working towards further consolidation and growth in these areas which form the core line of business for Infar.

Before embarking on further growth programmes, Infar has decided to enhance by about 60 per cent the equity base through an issue of bonus shares.

Equity shares, now at Rs 3.80 crore, will thus go up to Rs 6.07 crore.

 

With the backing of the resolution adopted at the last annual general meeting, Infar will offer three bonus shares for every five shares held.

The record date for allotment of these shares has been fixed as October 31. Incidentally, Infar is offering bonus shares after a gap of about 10 years.

The 3:5 ratio will mean issuance of 22,78,560 fresh bonus equity shares to capitalise up to Rs 2.28 crore. Infar's general reserve stood at Rs 14.21 crore as on April 1,1995.

The 1995-96 accounts show that Rs 2.91 crore was transferred to the general reserve.

Infar has shown an increased sales turnover at Rs 79.25 crore in financial year 1995-96 against Rs 66.64 crore in the previous year.

The company's wholly-owned subsidiary, Intercare Ltd, has also increased turnover from Rs 23.71 crore to Rs 29.79 crore in the same period.

The net income after providing for interest, depreciation and taxes amounted to Rs 4.81 crore.

According to A V Iyenger, executive vice-president, the company is exploring avenues to strengthen its core area of business since it has no plan to venture into new pastures.