ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Supreme Condustors

Arihant Cotsyn Arihant Cotsyn, a company promoted by K L Jain and which commenced com mercial production of polyester/blended yarns of various counts during 1990-91, is implementing a Rs 44 crore expansion programme at Dhuri in Sangur district, Punjab. Comprising three different projects, the programme covers setting up of a 100 per cent EOU with an installed capacity of 11,520 spindles for manufacture of cotton/cotton blended polyester yarn at a cost of Rs 17.9 crore, a ring spinning unit with 12,480 spindles for manufacture of dyed synthetic/blended yarn at a cost of Rs 19.68 crore, and thirdly, establishing facilities for doubling yarn manufactured in the ring spinning unit at a cost of Rs 6.54 crore. All the three units are to commence production in January 1993. In 1990-91 Arihant Cotsyn made sales of Rs 17.07 crore and earned a net profit of Rs 74 lakh, after interest charges of Rs 2.14 crore. The outlay on the expansion programme is being financed with institutional loans of Rs 8 crore in foreign exchange, Rs 2.66 crore of term loans, Rs 3.5 crore of equipment credit, rights-cum-public issue of fully convertible debentures of Rs 18 crore and private placement of non-convertible debentures of an amount of Rs 12 crore. The company is making an issue of 3.18 lakh fully convertible debentures of Rs 150 each for conversion in two stages into equity, Rs 50 automatically into five equity shares of Rs 10 each at par six months from the date of allotment of the FCDs, and the balance Rs 100 24 months from the date of allotment into the number of shares and at the amount of premium on equity to be decided at that time. Of the debentures issue 1.88 lakh FCDs are being offered to the public and 70,000 FCDs to the NRIs. The issue opens on November 9 under SBI Caps and IFCI as the lead managers.

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