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IOL Chemicals And Pharmaceuticals Limited, Punjab

IOL Chemicals And Pharmaceuticals Limited, Punjab

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5th May 2008

The Board of Directors in its meeting held on today that is 5th May, 2008 approved the following matters :
1. Annual accounts for the year ended 31st March, 2008 subject to the adoption by the members in its Annual General Meeting . The Compny has reported turnover of 361.35 crores against 231.87 crores in the previous year recording increase of 56 %. The operating profit of the company has recorded rise of 93 % over that of the previous year from 19.15 crores to 37.02 cores during the year. The company has achieved net profit after tax of 12.36 crores during the current year against 7.55 crores n the previous year showing an increase of 64%.
2. Issue of Securities to Qualified Institutional Buyers (QIBs) in accordance with the provisions of Chapter XIII A of SEBI (DIP) Guidelines,2000 for an amount not exceeding 50 crores (Rupees Fifty Crores).
3. Raising of sources through issue of securities in the international market upto United State Dollars 10 (ten) Millions.
4. Amendment in articles of association of the company necessitated due to the buy back of shareholding from Punjab State Industrial Development Corporation Limited , state level financial institution by the promoters of the company.

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