ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Nagarjuna Construction

Veena Textiles The existing unit of Veena Textiles, belonging to the SSM group is located at Komarapalayam in district Salem of Tamil Nadu and has two embroidery machines, nine narrow fabric elastic tape machines and 24 automatic looms and produces blouse material, dhoties, embroidered cloth and elastic tapes. The company is embarking upon an expansion programme at a capital outlay of Rs 262 lakh. The proposed expansion will increase the installed capacities to produce blouse material from 1.7 lakh metres to 13.50 lakh metres per annum and dhoties from 2.6 lakh metres to 12,50 lakh metres and create a fresh installed capacity to produce 3 lakh metres of terry towels per year. The expansion project envisages installation of 48 automatic looms, eight terry towel looms and two twisting machines. The automatic looms have already been installed while the delivery of the terry towel looms is expected in the month of November/December 1992 To finance in part the expansion programme, the company is making an issue of 18,00,000 equity shares of Rs 10 each at par. Out of the issue, 90,000 shares are earmarked for allotment on preferential basis to the employees (including working directors) of the company and the remaining 17,10,000 shares are being offered to the public A charitable trust of the group is running an institute, SSM Institute of Textile Technology, and offers diploma courses in the specialised field of textile technology, The other member of the group, Tan India, is a multi-divisional organisation engaged in the production of wattle extracts, cotton yarn, Portland cement and sorbitol The group's activities also include the mining of limestone and granite stones in the 500 acres of quarries in'Trichy, Salem and Ptriyar districts. According to MS Matmvanan, managing director, the turnover of the company will go up to Rs 27 crore. The issue opens on July 15. PNB Capital Services and Fairgrowth Financial Services are the lead managers to the issue.

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