Mumbai: Polyester manufacturer Indo Rama Synthetics India posted a marginal increase of 4.12% in net profit at Rs2.27 crore on 16 July for the quarter ended 30 June, as compared to Rs2.18 crore for the same quarter last year.
Total income of the company increased 54.01% to Rs729.04 crore for the first quarter ended 30 June from Rs473.37 crore for the corresponding quarter a year ago, Indo Rama Synthetics said in a filing to the BSE.
The board of directors of the company at its meeting on 16 July have approved the draft scheme of amalgamation whereby Indo Rama Petrochemicals Ltd (IRPL) would be amalgamated into Indo Rama Synthetics.
As per the scheme, the swap ratio of 10:16 was approved so that the shareholders of IRPL for every 10 shares held in IRPL would receive 16 shares in Indo Rama Synthetics, the company added.
The re-appointment of O P Lohia as Managing Director of Indo Rama Synthetics for a further term of five years, effective from 26 December, was also approved at the board meeting.
Shares of Indo Rama Synthetics were trading at Rs 51.35, down 2.38% on BSE in late afternoon trade.