FGP

EPW Research Foundation S and Y Mills S AND Y MILLS incorporated in 1994 have undertaken a project for weaving of polyester blended suiting materials, with an annual installed capacity of 14.88 lakh metres for which commercial production is scheduled to commence in July 1995. To part finance the project, the company will enter the capital market on July 14 with a public issue of 12,50,000 equity shares of Rs 10 each at par aggregating Rs 125 lakh, S and Y Mills will be listed on the Bombay, Madras and Coimbatore stock exchanges. The estimated project cost is of Rs 593 lakh, out of which the promoters are contributing Rs 298 lakh towards the equity and the balance of Rs 170 lakh is through term loan. Out of the total requirement of plant and machinery worth Rs 241,70 lakh, the company is acquiring second-hand plant and machinery worth Rs 141.79 lakh. However, out of the total 24 nos of Sulzer looms required for the project, the company has acquired only 12 looms so far, The company has no firm tie- up for the procurement of raw materials. It has obtained a temporary power connection from TNEB.