Chennai-based wood panel manufacturer Uniply Industries Ltd. has raised Rs.26.68 crore from promoters, marquee investors and shareholders. It is also planning to acquire two plywood firms for about Rs.39 crore.
Preferential shares were also allotted to the existing and new shareholders on July 26 at premium of Rs.90 per share of the face value of Rs.10 per share. The new promoter Keshav Kantamneni is the largest subscriber to the offer, and has pumped in Rs.5.68 crore. After the allotment, he will have a stake of 34.10 per cent.
Mr. Kantamneni purchased about 36 per cent of shares from the erstwhile promoters at an enterprise valuation of Rs.138 crore on February 10, 2015.
After taking over as Chairman and Managing Director on June 10, 2015, he saidthat his priority was to turn around the ailing company and place it among the top three players in the country in the next three years. The first step was to bring down the high cost liabilities, streamline operations, expand production capacities and bring new product lines.
“The company is back to black now. To increase its market footprint, we are in the process of buying two firms – one in Gujarat and another in Yamunanagar. The acquisition cost is about Rs.30 crore and Rs.8-9 crore, respectively. The acquisitions will be completed soon,” he said.
Uniply was traded below Rs.10 till February 2015, jumped to Rs.42 by June and was quoted at Rs.146 on Wednesday on the BSE.
