Havells FY06 net up 107%;1:1 bonus issue

Electrical equipment maker Havells India today reported a 107% rise in net profit for FY06.

The company, which also declared a dividend of 50% or Rs 2.50 per share of Rs 5 each, said net profit in FY06 stood at Rs 63.2 crore on a turnover of Rs 1,115 crore, which was up 67%.

The board of directors of Havells India, which met today, approved a proposal to issue bonus shares in the ratio of 1:1 i.e one bonus share for every share held.

According to a release issued by the company to the BSE today, the meeting also approved a proposal to raise up to $ 60 million via QIP/FCCBs/GDRs, and recommended a dividend of 50% i.e Rs 2.50 per share of Rs 5 each.