Event



06Jun2017

Magadh Sugar & Energy Limited (MSEL) declares Financial Results for the financial year ended 31 st March, 2017

The Board of Directors of MSEL at its meeting held on 24th May, 2017 took on record the Audited Financial Results for the FinancialYear ended31 st March, 2017.

The Board of Directors has recommended dividend on 12% Non-Convertible Cumulative Redeemable Preference Shares (NCCRPS) aggregating to Rs.417.74lakhs including Dividend Distribution Tax which includes Rs.251.64lakhs towards arrear dividend and dividend distribution tax thereon for earlier years, subject to approval of Shareholders.

The Board of Directors has also recommended a dividend of Rs.2/- per equity share of Rs.10/- each for the year ended 31st March 2017, subject to approval of Shareholders.

Commenting on the results, Shri C SNopany, Chairman, Magadh Sugar & Energy Limited said:

“The Indian sugar industry has seen a revival, after 6 years of losses, due to a sharp fall in production coupled with support from the State Government of Bihar to revive this industry. The firming up of sugar prices to reasonable levels has seen positive cash flows and we expect that earnings should remain steady over the next few quarters.”

The Company has applied to the BSE Limited (BSE), National Stock Exchange of India Limited (NSE) and The Calcutta Stock Exchange Limited (CSE) for listing of equity shares allotted in terms of the Composite Scheme of Arrangement, approvals whereof are pending as on date.