ITC Set to Mark Centenary

Source from:  Tobacco Reporter 06/22/2010

ITC's board of directors has proposed the issue of bonus shares to mark the company's centenary, which falls during August this year. The shares would be issued in a 1:1 ratio, subject to shareholders' approval at the annual general meeting scheduled for July 23. In a note posted on its website, ITC said it had evolved into a multi-business conglomerate that today was the leading FMCG (fast moving consumer goods) marketer in India, the second largest hotel chain, the clear market leader in the Indian paperboard and packaging industry, and the country's foremost agri-business player. Additionally, a wholly owned subsidiary was one of India's fastest growing information technology companies in the mid-tier segment. "Over the last fifteen years, ITC has created multiple drivers of growth by developing a portfolio of world-class businesses," it said. "During this period, the company's post-tax profits recorded an impressive compound growth of 21.7 per cent per annum … Total shareholder returns, measured in terms of increase in market capitalisation and dividends, grew at a compound rate of 24.3 per cent during this period, placing the company amongst the foremost in the country in terms of efficiency of servicing financial capital. ITC today is one of India's most admired and valuable corporations with a market capitalisation in excess of Rs100,000 crores [one crore = 10 million]." "ITC"s vision and commitment to sub-serve larger societal goals has enabled it to achieve a global distinction of being the only company in the world of its size to be carbon positive, water positive and waste recycling positive. Its businesses have generated sustainable livelihoods for over five million people. Enditem