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

A+| A| A-

Lakshmi Vilas Bank

Apple Industries APPLE INDUSTRIES has come a long way in six years having chalked out ambitious growth plans for future to be a major player in India as well as abroad in all its businesses, In computer education, after having set up 130 centres in India, the company has now gone global. A centre in Bahrata has already become operational and the centres in Dubai, Aba Dhabi, Sharjah, Muscat and Doha win be operational by June A venture to cater to Mauritius as well as the African continent is alio being launched soon in Mauritius. On the software export front, the company, through, its subsidiary, Hexaware infosystems, has an office functioning in Baeton, USA. Orders for over US S I million are on hand. Offices in this area will be opened next in London to cater to the European market and in Bahrain for the Middle East market. Apple Industries has been among the first few companies approved by the SEBl for setting up a private sector Mutual Fund. The company is pursuing foreign investment institutions for an alliance. The company's proposed 100 per cent export oriented granite project will soon start export of raw granite blocks pending setting up of the factory. In the first full year of operations, earnings in foreign exchange worth Rs 35 crore are expected. The company's financial services division, which is active in the fields of consumer finance, corporate finance, merchant banking and portfolio management, will shortly open offices in pubai and Singapore, lb part finance the ongoing growth plans, the company is'enter- ing the capital market with a rights-cum- public issue of zero interest, fully convertible debentures of Rs 50 each aggregating Rs 121.88 crore. of this, Rs 81.68 crore will constitute rights issue and the balance Rs 30 crore public issue. Out of the public issue, a sum of Rs 10 crore has been earmarked for NRIs. The promoters will subscribe Rs 10 crore on the same terms. Each debenture of Rs 50 will be converted into one share at a premium of Rs 40 at the end of six months from the date of allotment. The rights-cum-public issue will open on April 22. The issue at Rs 50 is priced lower than a likely Rs 54 under earlier CCl formula. The payment terms are made convenient; Rs 10 on application, Rs 20 on allotment and Rs 20 on call. The company has fared exceedingly well for the first half of the current year (i e, July to December 1992). Turnover has increased by 75 per cent to Rs 35 crore (Rs 20 crore), while gross and net profits have more than doubled. Gross profit has increased by 110 per cent to Rs 16.29 crore (Rs 7.74 crore) and net profit by 106 per cent to Rs 10.71 crore (Rs 5.21 crore). The EPS on annualised basis amounts to Rs 13.10. The board of directors has approved an interim dividend of 25 per cent as against a total dividend of 30 per cent last year.

To read the full text Login

Get instant access

New 3 Month Subscription
to Digital Archives at

₹826for India

$50for overseas users

Comments

(-) Hide

EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.

Back to Top