McLeod Russel India Ltd to raise $30 million

Kolkata, Jul 28: The board of Williamson Magor group's tea company McLeod Russel India Ltd has approved raising of up to million either from domestic or external sources to increase the volume of long-term resources.

Net profit of the company in the first quarter ended June 30 stood at Rs 2.58 crore as against Rs 10.79 crore first quarter previous year, a company spokesperson said.

However, the last year's figure included Rs 17.12 crore profit on sale of real estate, he said.

Income from operations of the company declined marginally during the first quarter at Rs 68.46 crore from Rs 69.21 crore.

Exports for the quarter were higher at 19 lakh kg against last year's exports of six lakh kg. Exports to Pakistan and UK were the main reasons for increase in exports.

The company expects export for FY07 to be approximately 25 million kg against 22 million kg last year.

The meeting also approved allotment of 4,25,25,000 equity shares of Rs 5 each to the shareholders of the erstwhile Williamson Tea Assam (WTA) in the ratio of three equity shares of the company as against every equity share of Rs 10 held by them in WTA.

UNI