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

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Priyadarshini Spinning Mills

Priyadarshini Spinning Mills

 IN THE CAPITAL MARKET SPIC SOUTHERN PETROCHEMICALS INDUSTRIES CORPORATION (SPIC) is making a rights issue of 6,80,000 zero interest fully convertible bonds/debentures of Rs 625 each at par aggregating Rs 42.50 crore to the company's shareholders and 34,000 zero interest bonds of Rs 625 each at par aggregating Rs 2.125 crore to Indian working directors/ employees of the company. Shareholders will be entitled to one bond for every 50 equity shares held. One zero interest bond of Rs 625 will be converted into 10 equity shares of Rs 10 each at a premium of Rs 15 six months from the date of allotment and into 15 equity shares of Rs 10 each at a premium of Rs 15 eighteen months from the date of allotment. The issue will open on February 21 and close on March 25. SPIC has added a 22,500 CUM capacity ammonia gas carrier to its existing fleet at a cost of $ 45 million. A modernisation programme for the fertiliser complex at Tuticorin is also under implementation at an estimated cost of Rs 26.25 crore. A capital expenditure programme costing Rs 29.90 crore for augmenting power generation is envisag ed for sustaining the operations of the heavy chemicals division. The company has also acquired 66 acres of land in the SIPCOT complex in Cuddalore in Tamil Nadu to establish a pharmaceutical complex to manufacture rifampicin (100 mp) and penicillin-G (1000 mmu). The total cost of the various projects is estimated at Rs 226.15 crore, of which Rs 61.03 crore will come from the present issue/in- ternal accruals. The balance of Rs 165.12 crore will be raised in the form of institutional/ offshore finance, Rs 98.09 of it in foreign currency, Rishabh Industries RISHABH INDUSTRIES is putting up a project to manufacture bicycles mainly for export at Savli, near Baroda, at a capital cost of Rs 495 lakh. The project will have a modern plant and quality control laboratory to produce 4 lakh bicycles per annum conforming to international standards. The government has identified bicycle exports as a thrust area. The project is being promoted by an NRI and a group of technocrats and the com parry has entered into export negotiations for long-term contracts with companies in USA, Germany, Netherlands, etc The company is also at an advanced stage of negotiations with leading export houses in the country for export tie-ups. To part finance the project, the company will shortly enter the capital market with an equity issue of 24 lakh equity shares of Rs 10 each at par aggregating to Rs 240 lakh out of which 12 lakh shares have been reserved for preferential allotment to non-resident Indians. The company's shares will be listed on Ahmedabad and Bombay stock exchanges.

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