IPCL FY06 net up 28%, BoD nod for merger of 6 firms

Indian Petrochemicals Corporation (IPCL) today reported a 27.86% increase in net profit at Rs 1,005 crore for the year ended March 31, 2006 when compared with Rs 786 crore in FY05.

According to a release issued by IPCL to the BSE today, total income increased to Rs 8,605 crore in FY06 from Rs 8,331 crore in FY05.

The board also cleared the merger of Apollo Fibres (AFL), Central India
Polyester (CIPL), India Polyfibres (IPL), Orissa Polyfibres (OPL), Recron Synthetics (RSL) and Silvassa Industries (SIPL) with the company.

"The board has recommended an exchange ratio of one equity share of the company for every 25 equity shares of AFL, 23 equity shares of CIPL, 28 equity shares of IPL, 28 equity shares of OPL, 34 equity shares of RSL and 38 equity shares of SIPL. This would result in issuance of 3.91 crore equity shares of the company to the shareholders of the merging companies. The company's share capital will increase from 24.80 crore equity shares to 28.73 equity crore shares post merger. The appointed date of merger is April 1, 2005," the release added.