Gujarat Ambuja Proteins


GUJARAT AMBUJA PROTEINS, established in 1986 by Vijay Kumar Gupta and Durga Prasad Gupta, will make a public issue of 5,51,204 secured convertible debentures of Rs 135 each for cash at par on February 28. The issue will close on March 10 or earlier, but not earlier than March 3. Out of the public issue of Rs 744 lakh, 1,00,00 debentures for Rs 104 lakh are reserved for preferential allotment to SBI Mutual Fund/Can- bank Mutual Fund and UTI The equity shareholders of the group companies would be eligible for preferential allotment of 57,000 debentures and the employees of the company would be allotted 27,563 debentures on preferential basis. The issue is being made to part finance the company's expansion programme to increase its refining capacity from 15,000 tonnes to 30,000 tonnes and storage capacity from 1,500 tonnes to 3,000 tonnes. The company is also implementing a backward integration programme by setting up seed crushing and solvent extraction units both with a capacity of 60,000 tonnes per annum. Edible oil imports involve foreign exchange outflows to the tune of about Rs 1,000 crore per annum. During November 1987-October 1988 .oil year, 18.5 lakh tonnes of edible oils valued at Rs 1,050 crore were imported.