SPCL


IN THE CAPITAL MARKET Pasupati Acrylon PASUPATl ACRYLON is making a public issue of 108 lakh equity shares of Rs 10 each at par, aggregating Rs 10.80 crore. The company has reserved 5 lakh shares each for preferential allotment to UTI and Canbank Mutual Fund and 22.8 lakh shares for preferential allotment to NRls. The company is putting up a plant to manufacture 12,000 tpa of acrylic fibre at Thakurdwara in UP in collaboration with SNIA BPD of the Fiat group. Pasupati Acrylon has been promoted by Mukesh Jain and the Pradeshiya Industrial and Investment Corporation of Uttar Pradesh (PICUP) is participating in the project with a share of 11 per cent in the equity capital. The capital outlay on the project is estimated at Rs 100.4 crore and is being financed through promoters' equity of Rs 20.1 crore, public equity of Rs 10.8 crore, term loans of Rs 48.5 crore and suppliers credit of Rs 21.1 crore. The company has estimated a turnover of Rs 73 crore for the first year of operation, at which level it expects a net profit of Rs 17.26 crore giving an earning per share of Rs 5.60. The company has already applied for enhancing its capacity to 20,000 tpa The public issue opens on August 21 for NRIs and on August 28 for the Indian public Western India Industries WESTERN INDIA INDUSTRIES is entering the capital market with a public issue of 10.75 takh equity shares of Rs 10 each at a premium of Rs 7.50 per share. Out of the issue 1 lakh shares are reserved for firm allotment to SBI Mutual Fund Trustees, SBI Capital Markets, and 53,750 shares are reserved for preferential allotment to employees (including Indian working directors) of the company. The object of the issue is to finance the acquisition of fixed assets and to augment the company's long-term working capital resources. A sum of Rs 1.95 crore is proposed to be invested in fixed assets. Western India Industries specialises in the execution of turnkey engineering projects in the field of fire protection, water engineering and pollution control. In fire and safety systems, the company is associated with Total Walther of the Krupp group of West Germany. The company currently has orders in hand worth Rs 52 crore, including Rs 29 crore worth of exports/deemed exports. The company's total income for the 18-month period ended March-31, 1989 was Rs 19.11 crore compared to Rs 11.19 crore in the preceding 12-month period. The company declared a dividend of 37.5 per cent for the latest 18-month period compared to 20 per cent for the preceding 12 months. The company's net worth has risen from Rs 102.58 lakh as on September 30,1985 to Rs 275.11 lakh at the end of March 1989. Earning per share has gone up from Rs 2.53 in the year ended September 30, 1985 to Rs 8.28 in the 18 months to March 31, 1989. BOI Finance and PNB Capital Services are the lead managers of the issue which opens on August 28.