GUJARAT ALKALIES AND CHEMICALS-Expansion Projects

as in the previous year covers the increase in the paid-up share capital and has involved a play out of Rs 123.21 lakh against Rs 47.47lakh in the previous year. The company has since proposed, in order to augment long-term working capital requirements and meet normal capital expenditure, to make a rights issue of 52.12 lakh equity shares of Rs 10 each at a premium of Rs 14 per share aggregating to Rs 12.51 crore to the shareholders and also to the employees. The proposed issue was tabled for approval of the shareholders at the annual general meeting of the company nich was held in New Delhi on November II, 1992. In terms of the special resolution at the AGM, the issue is to comprise 49,64,536 shares on rights basis in the proportion of 1:1 to the shareholders and the remainder of 2,48,000 shares to the employees with any of these shares unsubscribed by the employees to be offerred to any mutual funds/banks/financial institutions/investment institutions and/or such other person or persons as per the consent of the Securities and Exchange Board of India. The company is exploring foreign markets for augmenting exports. During the year it earned Rs 333.56 lakh worth of foreign exchange (previous year Rs 433.53 lakh) and expended foreign exchange of Rs 36.75 lakh (Rs 27.74 lakh).