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

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Descent on the Corrupt Sector

in Lucknow for annual manufacture of 36,000 tonnes of asbestos cement products. Technical knowhow will also be provided by the latter partner. Capital outlay on the project is estimated at around Rs 168 lakhs and is proposed to be financed by equity capita] of Rs 50 lakhs, term loans of Rs 60 lakhs and the balance by borrowings from banks and deposits and cash accruals. The basic raw material is cement, which will be drawn from UPSCC, The company has been issued a release order of the value of Rs 34 lakhs for import of asbestos fibre. The public is being offered 2,44,993 equity shares of lis 10 each at par to meet part of the finance required for the project. According to B Kejriwal, managing director, the plant will go into production by August next. He expects the company to pay a maiden dividend of 12 per cent out of the earnings of the very first year of uro- dnotion and to raise it to 15 per cent from the second year. As the only plant to manufacture asbestos products in UP, the management expects that the entire production will be consumed in that state. The subscription list for the public issue is to open on July 3. It will close on July 13 or earlier, but not earlier than July 6. The public issue is managed by FICOM.

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