Financial Daily from THE HINDU group of publications
Thursday, Nov 20, 2003
Financial Daily from THE HINDU group of publications Thursday, Nov 20, 2003 |
|
|
|
|
|
Corporate
-
Announcements Supreme Petro shelves plan for placing bonds with IFC Our Bureau
Mumbai , Nov. 19 SUPREME Petrochem Ltd has said that it has shelved plans to place foreign currency convertible bonds with the Washington-based International Finance Corporation (IFC). The company said in a stock exchange notice on Wednesday that it would continue with its plans to build a jetty at Dharamtar, near Mumbai, to import raw materials. The company has, however, deferred plans to lay pipelines from its planned jetty to its plant. The company's board of directors has cited "changed business environment" for the decision. It approved capital expenditure for expansion and new projects. The company will revamp and de-bottleneck its polystyrene lines to increase capacity to 2,96,000 tonnes per annum.. The reason for the decision could not be known. Company officials remained unavailable for comment despite attempts to contact them. In September this year, the company had approved placing of FCCB of up to Rs 18 crore with IFC and the issue of equity shares on a preferential basis to the promoters - Supreme Industries Ltd and R Raheja Investments Pvt Ltd, up to Rs 12 crore (including premium). It is not clear if the company will go ahead with the preferential allotment. It had also approved availing itself of foreign currency loans of around Rs 53 crore from IFC and other lenders syndicated by the Corporation. Supreme Industries and R Raheja Investments are joint promoters of Supreme Petrochem. Its 66,000-tpa polystyrene plant commenced commercial production in September 1995 and its capacity was revamped to 84,000 tpa in FY98 and to 1,12,000 tpa in FY99. Supreme Petrochem is the largest exporter of polystyrene from India (over 63,000 tpa including deemed exports) with clients in over 53 countries.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|