Yash Paper to raise Rs 23cr

Yash Paper, a brown wrapping grades paper manufacturer, is planning to raise Rs 23.52 crore through a public offer to part finance expansion plans.

The company is issuing 1.68 crore equity shares of Rs 10 each at a premium of Rs 14 per share. The issue will open on June 30 and close on July 8.

"Funds generated from the public issue will be utilised to set up a 70 tonne per day (TPD) poster paper plant and an integrated 130 TPD bagasse and straw pulping and bleaching unit," managing director Ved Krishna said today.

The company will also utilise funds from the public issue to build a captive 5 MW power plant and a recovery unit, he added.

The total outlay of the expansion project is Rs 85 crore. "We have already raised Rs 56.67 crore through debt from banks," Krishna said.