Promoters of Godrej consumers to take up undersubscribed portion of rights issue
The Rs 400 crore rights issue of FMCG major Godrej Consumer Products will close for subscription on April 30 and promoters will take up any such portion that will remain undersubscribed, Chairman and Managing Director of the company, Adi Godrej sa...
By PTI |
MUMBAI: The Rs 400 crore rights issue of FMCG major Godrej Consumer Products will close for subscription on April 30 and promoters will take up any such portion that will remain undersubscribed, Chairman and Managing Director of the company, Adi Godrej said on Monday.
When asked about the response to the rights offer, he said much of the subscription is generally received on the last couple of days. But if the issue is not fully subscribed, the promoters will pick up that portion.
The rights issue has been offered in proportion of one new share for every seven shares held at Rs 123 each.
Referring to the performance of the company, he said, "high raw material prices were the key challengers which we partially mitigated through increase in soap prices and good procurement management."
Godrej said the performance of the company in the current year will be steller.
The company does not have plans to increase the prices of its pro ducts in near future but going forward the prices of soaps may be increased by five per cent depending upon inflation, he said.
The company's sales for the year went up by 16 per cent to Rs 1102 crore while the sales in the Q4 were up 12 per cent at Rs 272 crore. While profit after tax was higher by 33 per cent to Rs 40.8 crore, profit after tax for the full year was Rs 117.2 crore up 26 per cent.
The company earned 59 per cent of its revenues from soaps while hair colour accounted for revenue of 27 per cent with toiletories, liquid detergents and by-products accounting for the remaining 14 per cent , the company said.
When asked about the response to the rights offer, he said much of the subscription is generally received on the last couple of days. But if the issue is not fully subscribed, the promoters will pick up that portion.
The rights issue has been offered in proportion of one new share for every seven shares held at Rs 123 each.
Referring to the performance of the company, he said, "high raw material prices were the key challengers which we partially mitigated through increase in soap prices and good procurement management."
Godrej said the performance of the company in the current year will be steller.
The company does not have plans to increase the prices of its pro ducts in near future but going forward the prices of soaps may be increased by five per cent depending upon inflation, he said.
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The company's sales for the year went up by 16 per cent to Rs 1102 crore while the sales in the Q4 were up 12 per cent at Rs 272 crore. While profit after tax was higher by 33 per cent to Rs 40.8 crore, profit after tax for the full year was Rs 117.2 crore up 26 per cent.
The company earned 59 per cent of its revenues from soaps while hair colour accounted for revenue of 27 per cent with toiletories, liquid detergents and by-products accounting for the remaining 14 per cent , the company said.
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