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Orissa Lamps

EPW Research Foundation PROMOTED in the assisted sector by the Kapadias, the owners of 'Rashmi' brand chokes and tubelight fittings which is a quality brand in the lighting industry for 40 years, Orissa Lamps is setting up a plant for the manufacture of 5.8 million fluorescent lamps (FLS) per annum, 10.7 million tubular glass shells (TGS) and 32 million general lighting services (GLS) lamp shells. Originally scheduled to commence production in July 1993 the project suffered a delay in implementation and the FLS project commenced production only in October 1993. Commercial production of TGS and GLS lamp shells is now expected to commence in April this year. The company has entered into a technical collaboration agreement with Oy Airam Electric AB, Finland, for the manufacture of fluorescent tubelights and for the unrestricted right to use its brand name Airam'. The project will use 'Acqua' based technology from Tungsram, Hungary, and will have equity participation from industrial Promotion and Investment Corporation of Orissa. To part finance the project and to meet its working capital requirements the company will enter the capital market with a public issue of eight lakh secured redeemable partly convertible debentures (PCDs) of Rs 110 each (CRISIL rating 'BBB-') and 20 lakh equity shares of Rs 10 each at par. Part A of Rs 50 of each PCD will be converted into five equity shares of Rs 10 each at par while part B of Rs 60 will be the non- convertible part which will be redeemed at par in three equal instalments at the end of the seventh, eighth and ninth years from the date of allotment. The issue will open for subscription on March 7 and will be lead managed by ICICI Securities and Finance Company and SBI Capital Markets.

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