Exide Industries Rights Issue + Modern Dairies Bonus

The board of Exide Industries has approved the issue and allotment of up to or as near thereto as possible 5,00,00,000 equity shares of Re 1 each for cash at a premium of Rs 29 per equity share on rights basis in the ratio of 1 equity share for every 15 equity shares held by shareholders.

The board at the same meeting has appointed SBI Capital Markets as the lead manager to the proposed rights issue by the company.

Modern Dairies announced that it has fixed 1 October 2007 as record date for issuing bonus shares, in the ratio of 1:1 (1 bonus share for every 1 equity share held).

Net profit of Modern Dairies rose 11150% to Rs 2.25 crore on 243.88% rise in sales to Rs 74.69 crore in Q1 June 2007 over Q1 June 2006. Delhi-based Modern Dairies produces dairy products like packed liquid milk, skimmed milk powder, whole milk powder, infant milk food, pure ghee and butter.