Apollo Sindhoori proposes 1:1 rights issue

Chennai, May 04 (UNI) Having registered net profit before tax (NPBT) of over 60 per cent during the financial year ended March 31, 2006, Apollo Sindhoori Capital Investments Limited, has proposed a 1:1 rights issue at Rs 100 per share.

The company had also announced a bonus issue in 1:1 ratio and a 60 per cent dividend, even as the company's Board had given approval for the rights issue, a company release here said.

The income from operations of this Chennai-based stock broking organisation had increased to Rs 5584.02 lakh during the financial year 2005-2006 from Rs 3685.50 lakh in the previous year, registering a growth of 51.51 per cent.

The net profit before tax has increased to Rs 1298.01 lakh from Rs 807.48 lakh, a growth of 60.74 per cent. The EPS was pegged at Rs 29.36, up by 30.78 per cent compared to the previous financial year.

Apollo Sindhoori had drawn up an ambitious road map for the next financial year. The company would increase its branch network to 800 locations by the end of this year and increase the client base to over one lakh.

This year, the company had forayed into mutual funds distribution. It expected to increase business from this new area multifold in the next financial year, the release said.

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