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BSES Q1 net up 11%

July 28, 2003 16:07 IST
Last Updated: July 28, 2003 20:38 IST


BSES Q1 net up 11%(Rs 791.9 million) during the same period previous fiscal and approved a merger of BSES Andhra Power Ltd with itself.

Total income during the April-June quarter grew by 14 per cent at Rs 804.04 crore (Rs 8.04 billion) as compared to Rs 704.87 crore (Rs 7.05 billion), a company release said.

The merger of BAPL, which is subject to necessary approvals, would increase BSES' asset base by Rs 650 crore (Rs 6.5 billion) and turnover by Rs 250 crore (Rs 2.5 billion).

Subsequent to the merger, the net profit would go up by Rs 40-45 crore (Rs 400-450 million), contributing to incremental Earnings Per Share of Rs 3 for BSES, it said.

The appointed date of the proposed merger is April 1, 2003, representing the first full year of commercial operations of BAPL, an unlisted company, which operates a natural-gas based 220 MW power station at Samalkot.

Under the proposed terms of merger, shares of BAPL held by BSES, representing 100 per cent of BAPL's equity share capital would be cancelled and there would be no issuance of fresh equity share capital by BSES, it added.

BSES has also set up two special purpose entities, Reliance Energy Trading Pvt Ltd and Reliance Energy Transmission Pvt Ltd to carry on the business of trading in, and transmission of, power respectively.

The board would consider a proposal for payment of quarterly dividend on August 5.

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