The promoter group of Century Plyboards (India) Ltd (CPIL) has got the Securities & Exchange Board of India clearance for its open offer for equity shares representing 20 per cent of the issued capital at a price of Rs 12 per fully paid-up shares. The offer will open on October 22.
Addressing a press meet here to mark the formal launch of lyctus or 'borer-proof' plywood, Sajjan Bhajanka, managing director of CPIL, said the company would soon begin despatching letters to the shareholders in this regard.
The borer-proof plywood has been manufactured using a patented chemical technology from the US. "We will increase our production capacity from the current 16,000 sq metres of plywood to 25,000 sq metres over the next six months," Bhajanka said.
CPIL promoter group, comprising of managing director Sajjan Bhajanka, vice-chairman H P Agarwal and deputy managing director Sanjay Agarwal, had come out with an open offer last month to acquire 10,23,200 equity shares. The promoters and their associates together hold 55.22 per cent of the issued equity share capital.
The paid-up equity share capital of CPIL is Rs 4.87 crore; representing 48,25,480 fully paid-up equity shares of Rs 10 each; 1,89,700 partly paid-up equity shares of Rs 10 each on which Rs 2.50 per share has been paid up and 700 partly paid-up equity shares of Rs 10 each on which Rs 9.83 per share has been paid up.
The promoters had entered into two separate agreements on September 4 to purchase 436,900 shares of CPIL from Changlang Plywoods and 504,600 shares from Manmao Plywoods. The total number of shares at 941,500 represent 18.77 per cent of the total equity share capital at a price of Rs 8 per fully paid-up equity.
