The board of JVL Agro Industries Ltd has approved conversion of warrants and allotment of 2.75 crore shares of Re 1 each, at a premium of Rs 18 a share, to the promoters as well as certain non-promoters.
The company, a manufacturer of hydrogenated vegetable oil and refined oil, said that it has floated an Indonesia outfit – PT JVL Varanasi Nusantara Partama – for sourcing edible oil directly.
The company has commenced full capacity production at its1,200 tonnes-a-day Haldia unit during the last quarter.
Work for the proposed 400 tpd second phase at Haldia has also begun. This additional facility for soya oil is scheduled to be complete next month.
The ongoing technology upgradation programme at its Varanasi unit is also expected to be ready by March. JVL Agro, meanwhile, completed the mustard crushing unit at Alwar, it said.
The company has reported a 30 per cent jump in sales at Rs 1,018.50 crore during the third quarter ended December 31, 2012. In Q3, it has recorded a net profit of Rs 15.52 crore (Rs 15.39 crore).