The Hindu Business Line : Yashraj Containeurs to allot 1.5 lakh shares to IDBI

Yashraj Containeurs has received clearance from BIFR to allot IDBI 1.5 lakh shares on preferential basis. Dr Jayesh Vallia, Executive Chairman of the steel and plastic packaging material company, told Business Line that the share issue would be a part of the one-time settlement with the banker. This issue would approximately represent little over 3 per cent of the enhanced paid-up capital of the company, which would go up to Rs 4.95 crore from current Rs 4.8 crore.

The allotment price would be determined by the SEBI guidelines, which means the average market price (for a period of 6 months or 2 weeks, which ever is higher) would determine a premium. The stock closed on Friday at Rs 82.25 on the BSE on a total traded quantity of 69,296 shares.

The company's board on Thursday decided on the issue of shares to IDBI. The Executive Chairman said the issue should be through by the end of this month. He said the BIFR might hear the proposal of the company regarding an interim dividend of 15 per cent in February. The promoters hold about 27.2 per cent and an FII - Lotus Global Investment - holds 9.9 per cent in the company.

Meanwhile, the company reported a net profit of Rs 2.57 crore in the quarter ended on December 31, 2006, up from Rs 1.79 crore in the quarter to September 30, 2006. The company has informed the stock exchange that during the third quarter the company has added orders to the tune of Rs 30 crore taking the total outstanding orders to Rs 110 crore.

The company is putting up a new barrel making unit at Kanpur at a cost of around Rs 3 crore. During the last quarter, commercial production at its Chennai plant had commenced, it informed BSE.

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