Shreyas Shipping outlines Rs 350-crore capex plan

Mumbai, May 24 (UNI) Shreyas Shipping&Logistics today outlined its Rs 350-crore capex plan spread over the next 15 months, for the purchase of three second-hand containers, a new ship from Singapore and upgradation of its infrastructure, including the building of warehouses.

Addressing mediapersons here today, company's Chairman and Managing Director S Ramakrishnan said the investment would be funded through debt, internal accruals and equity. ''We have the potential to raise debt and our financial position being strong, our ability to fund our capex through internal accruals is also high,'' he said.

On a follow-on public issue, Mr Ramakrishnan said it was too early to comment on its size and timing but ''we will examine all options and all aspects before we take a decision on the matter.'' Shreyas Shipping, which carried 15.84 per cent more exim cargo and improved its domestic logistic volumes by 186 per cent over last year, clocked a 45.98 per cent increase in its operating income from Rs 96.83 crore in FY-05 to Rs 141.36 crore in FY-06 while its operating profit jumped 24.01 per cent from Rs 39.11 crore in FY-05 to Rs 48.50 crore in FY-06.

The company's board has proposed a final equity dividend of Rs 1.20 (12 per cent) per equity share of Rs 10 each, subject to the approval of its shareholders.

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