Rajeswari Foundations to create integrated-campus like townships in Chennai

Chennai - July 11, 2009: Rajeswari Foundations Ltd (RFL), the Chenai based construction company, having a unique track record and expertise in building independent bungalows, is all set to create integrated-campus like townships in Chennai, marking its foray into infrastructure development. The company has tied-up with a Mumbai-based civil, engineering and electrical contract company to introduce cutting edge technologies in project development.

RFL's first township is coming up at Singaperumal Koil (near Mahindra City, Chingleput) at a total built up area of 7.20 lakh sq ft. Conceived as an integrated-campus with world-class amenities for shopping, education, entertainment and healthcare, the township will address the unique work and lifestyle requirements of software professionals and non-resident Indians.

The first phase of the township, coming up in 3.60 lakh sq.ft, will house 15 bungalows, each with a built up area of about 1500 sq.ft., backed by state-of-art telecommunication networks, transportation facilities, school, health club, swimming pool and multiplexes. The township will draw power from the state grid with 100% on site power backup.

"There is huge role for private capital and management in infrastructure projects. We have ambitious plans for creating townships in Chennai that would boast of high-class infrastructure and high-quality construction with adequate green spaces," said - Mr. Ramamurthy, Managing Director.

The company has clocked about 19% rise in net income for the financial year ended 31st March, 2009 at Rs 62.69 lakhs against Rs 54.55 lakhs last year. The total income rose to Rs 1014.30 lakhs up from Rs 976.61 lakhs, representing a 4% increase. The company's board has recommended Rs 1.10 per share (11%) dividend for the financial year 2008-09, as compared to Rs 1 (10%) the previous year. Rajeswari Foundations had earned revenue of Rs 1011.30 laksh and profit before tax of Rs 172.26 lakhs from constructing independent bungalows.

To reflect its long-term business interest, RFL will be rechristened as Rajeswari Infrastructure Ltd. The Registrar of Companies has confirmed the availability of the new name and the board of the company is expected to pass a resolution confirming the name change.

The stock was trading at Rs.22, up by Rs.0.56 or 2.61%. The stock hit an intraday high of Rs.22.51 and low of Rs.21.72.

The total traded quantity was 13322 compared to 2 week average of 29514.

Source : Equity Bulls

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