Country’s leading food processing player, Foods and Inns Limited declares bonus issue

Mumbai: The Board of Directors Board of Foods & Inns Limited at its meeting held on March 11th, 2019 recommended bonus issue of equity shares in the ratio of 2 (Two) Equity Shares of Re 1/- each for every 1 (One) Equity Share of Re 1/- each held by the shareholders of the Company as on the record date, subject to the approval of the shareholders.

This bonus was approved by the board as the company had recently monetized its prime commercial factory land in Chembur, Mumbai for approximately Rs 148 crores in the month of October 2018 and had repaid the debt of over Rs 100 crores in the same month. The directors also felt that it is appropriate to reward the shareholders with a bonus issue given the successful monetization of the company asset. The record date for the same will be decided post approval in AGM.

Foods & Inns Limited declared its Q3 financial results last month. Q3 revenue for the current financial year is Rs 8,463.01 lakhs and first nine months revenue stands at Rs 22,233.99 lakhs. Net Profit for the Q3 for the current financial year is Rs 10,618.08 lakhs. This story is provided by BusinessWireIndia.