Arcil net vaults to Rs 30.83 cr; declares maiden dividend

Mumbai, May 24 (UNI) Asset Reconstruction Company (India) (Arcil) has posted total income of Rs 61.33 crore and a profit of Rs 30.83 crore for FY-06, as compared to Rs 13.87 crore and Rs 4.34 crore, respectively, for FY-05.

The net profit for FY-06 translates into a return on equity of 31 per cent. Arcil has declared a maiden dividend of 12 per cent for FY-06, the second year of its operation, at its annual general meeting (AGM) held yesterday, a release issued here said.

The dividend will entail an outgo of Rs 12 crore on its capital base of Rs 100 crore.

At the AGM, the shareholders also approved a rights issue of 12 crore equity shares of Rs 10 each, at a premium of Rs 20 per share, aggregating to Rs 360 crore. The issue will open shortly.

The post issue net worth of Arcil would be Rs 478.70 crore.

Enhancement of capital base would enable Arcil to augment fund raising for cash acquisition of NPAs from the banking system.

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