Lubricant marketer Castrol India today reported 15% drop in profit in the quarter ended June 30 and announced issue of bonus shares in the ratio of 1:1.
Net profit dipped to Rs 120.9 crore in April-June quarter from Rs 142.5 crore in the same period a year ago, the company said in a filing to stock exchanges.
During the quarter, the company saw a 7.72% rise in total income to Rs 854.4 crore from Rs 784.3 crore in the same quarter last year.
Castrol said its board of directors at a meeting today approved "the issue of bonus shares in the ratio of 1:1, that is, one bonus equity share for every one equity shares of Rs 10 each held".
The said issue is subject to the approval of the shareholders by way of a Postal Ballot and such other approvals as may be necessary.
The board of directors approved increase in the authorised share capital of the company from 248,000,000 equity shares of Rs 10 each aggregating to Rs 248 crore to 495,000,000 equity shares of Rs 10 each aggregating to Rs 495 crore.
Also, the firm will pay an interim dividend of Rs 7 a share for the year ending December 31, 2012. The interim dividend would be paid on August 03, 2012.
Shares of the company fell Rs 1.65, or 0.30%, to close at Rs 553.60 on the BSE.
