It was now looking to raise Rs 200-250 crore through private equity to support its cement expansion plans.
Last year the MD had said the company would go for an IPO and raise Rs 200 crore.
"We are not going for the IPO as the market is not ideal. To support Rs 1,100 crore expansion plans of CMCL, we would raise Rs 200-250 crore through private equity, Rs 200 crore would be provided from internal accruals and Rs 600 crore would be raised as debt from the financial institutions," said Sajjan Bhajanka, managing director of Century Plyboards.
The company is in talks with four private equity firms for the project, however he refused to divulge further details.
"We are in talks with four PE firms and the deal is expected to be finalised in a months time," he added.
CMCL plans to add two units by 2010-11 in Meghalaya, which would increase the total capacity to 4 million ton from 1 million ton.
Century Plyboards reported 41 per cent jump in the consolidated net profit at Rs 7.56 crore for the quarter ended 31 March, 2008, against Rs 5.35 crore registered in the corresponding quarter last year.
In the same period the company reported turnover of Rs 175.15 crore, up 42 per cent compared to Rs 122.82 crore registered a year ago.
While announcing financial results, Bhajanka said, "The gross turnover of the company crossed Rs 1000 crore and stood at Rs 1001.45 crore in 2007-08. By 2010-11, the consolidated turnover and net profit would go up to Rs 3000 crore and Rs 400 crore respectively."
