Cipla Board Okays Sub-division In Face Value Of Shares To Rs 2

Mumbai, March 23 | Updated: Mar 24 2004, 05:30am hrs
The board of Cipla Ltd has approved the sub-division in the face value of the companys equity shares from Rs 10 to Rs 2.

Cipla Ltd, in a notice to The Stock Exchange, Mumbai (BSE), has informed that the stock split is subject to the approval of shareholders at an extraordinary general meeting of the company to be held on April 21.

The Cipla stock on BSE opened at Rs 1,143.95 and closed at Rs 1,154.35 after touching an intra-day high of Rs 1,168 on Tuesday.

Domestic sales for the third quarter 2003 recorded a growth of more than 13 per cent and export sales for the same period recorded an impressive growth of 80 per cent. The anti-asthmatics and cardiovascular segments have shown good performance in the domestic market. In exports markets, the anti-AIDS, anti-depressants, anti-asthmatics and CNS segments have shown good performance.

For the third quarter ended December 31, 2003, Cipla posted a net profit of Rs 75.32 crore as against a net profit of Rs 66.46 crore in the corresponding period of the previous fiscal. Net sales during the period increased from Rs 387 crore to Rs 522.55 crore during the quarter ended December 31, 2003.

The promoters holding in the company in the quarter ended December 31, 2003, stood at 40.96 per cent. Institutional investors including mutual funds and UTI held 3.75 per cent and banks, financial institutions, insurance companies held 8.59 per cent. The FIIs holding stood at 14.79 per cent, while the Indian public holding was 27.31 per cent during the period.