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Our Bureau

Chennai , May 27

UNIPLY Industries Ltd is coming out with a public issue to raise Rs 12 crore to fund its expansion of veneers and plywood manufacturing capacities.

The issue planned for June 9 will be of 5 million equity shares of Rs 10 each at a premium of Rs 14 a share. The issue closes on June 16. The lead managers to the issue are BOB Capital Markets Ltd.

Announcing the company's plans, Mr B.L. Bengani, Managing Director, Uniply Industries, said that it has a production facility at Nelveli village in Kanchipuram district, about 60 km from Chennai, has a capacity to produce about 25,000 cubic metres of veneers and plywood a year.

The expansion will double its production capacity at its present location, where it has about 10.20 acres land. Commercial production at the expanded facility will commence in December.

Linked to the expansion is a windmill project for generating power. The location of the four 22 kW wind power generators is likely to be in Tirunelveli district where the company is scouting for space, he said.

The existing share capital is Rs 7.46 crore with the promoters holding 75 per cent of the equity, corporate bodies 21 per cent and the balance with the public. Post-issue the capital would go up to Rs 12.46 crore with the promoters holding 45 per cent, corporate bodies 13 per cent and the public 41 per cent.

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