MAGFIL recommends 18 pc dividend on enhanced capital

Mumbai, May 29 (UNI) The Kerala-based premier non-Banking Financial Institution, Manappuram General Finance&Leasing Ltd (MAGFIL) has recommended an 18 per cent dividend on enhanced equity, for the financial year ended March 31 this year, against 15 per cent dividend on the previous year.

The Company has declared a bonus issue in the ratio of one for one during the year, due to which the paid up equity share capital of the company has increased to Rs 11 crore from Rs 5.50 crore. In actual effect, the share holders of the company stand to gain double of the declared dividend.

Manappuram Group CMD V P Nandkumar said the gross income for the year 2006-07, increased by 121 per cent to Rs 43.65 crore and profit after tax was Rs 10.61 crore, which was 168 per cent higher as compared to the net profit of the wholly-owned subsididary of the company, such as Manappuram Insurance Brokers (P) Ltd that was also taken into account. Earning per share has grown by 27 per cent to Rs 9.48 after doubling of the number of shares due to bonus issue. This has been quite a commendable achievement for the company. The ompany's shares are listed with Mumbai, Chennai and Cochin stock exchanges and are actively traded through BSE. The share of Manappuram would be listed on National Stock Exchange shortly.

Manappuram Group, having ISO accreditation for quality and MA rating indicating adequate safety to the depositors currently, has more than 350 branches spread across the ten states and a work force of over 3,200. There are seven companies in the group providing almost all types of financial services including forex, insurance broking, commodity trading and others.

UNI