West Coast Paper Mills issues GDR of Rs 35 crore

Kolkata, Dec 1 (UNI) Kolkata-based West Coast Papers Mills Ltd, one of the leading manufacturers of paper in the country, has issued Global Depository Receipts (GDRs) worth more than nine million dollars to mop up funds for the company's expansion projects.

Company sources today said the Board of Directors, at its meeting yesterday, decided to issue 41,73,400 GDRs each at the rate of 2.164 dollar, equivalent to Rs 85.

The proceed of the issue, amounting to Rs 325.47 crore (9,031,237.60 dollar) would be used in augmenting the company's manufacturing capacity to 3,20,000 tpa from the present 1,63,750 tpa, which was also being funded by International Finance Coproration, Washington DC and ICICI Bank-led Syndicate.

The company also stated that orders for the machinery contemplated for the expansion project had been placed to the extent of 75 per cent of the total project cost with the suppliers, including internationally reputed ones for fiberline and paper machine.

The fiber optic cable division of the company had added Rs 12.27 crore to the top line against the last year's 2.65 crore.

UNI