Nestlé India announces Quarter three results of 2008; and Payment of Second Interim Dividend for 2008 of Rs. 14.50 per equity share and Special Dividend of Rs. 7.50 pursuant to the Scheme of Arrangement.
Nestlé India Ltd has announced the following Unaudited financial Results for the quarter ended September 30, 2008:
The Company has posted a net profit of Rs 1317.60 million for the quarter ended September 30, 2008 as compared to Rs 1160.60 million for the quarter ended September 30, 2007. Total Income has increased from Rs 9124.00 million for the quarter ended September 30, 2007 to Rs 11157.90 million for the quarter ended September 30, 2008.
Further , the Board of Directors of the Company has :
Declared Second Interim Dividend for 2008 of Rs.14.50 per equity share and approved distribution of Special Dividend of Rs.7.50 per equity share under the now approved Scheme of Arrangement between the Company and the shareholders and creditors. The Second Interim Dividend for 2008 and the Special Dividend, aggregating to Rs.22/- per equity share (face value of Rs.10/- per share), will be paid on 26th November, 2008.
The Scheme of Arrangement, envisaged reduction of an amount of Rs.432.4 Million lying in the Share Premium Account of the Company and return of an amount of Rs.430.8 Million, which was voluntarily transferred to its General Reserve Account during the years 1981 to 1996, in excess of the prescribed 10% of the profits of the Company, for consequent distribution to the shareholders. After applicable corporate dividend tax and rounding off of the amount to the nearest half Rupee, Special Dividend of Rs.7.50 per equity share, is being distributed to the shareholders. The Order of the High Court sanctioning the Scheme of Arrangement has been filed by the Company with the Registrar of Companies on 31st October, 2008;
For more information,click here to access the financial press releases