Date:08/03/2005 URL: http://www.thehindubusinessline.com/2005/03/08/stories/2005030801440200.htm

Back Sirpur Paper rights issue

Our Bureau

HYDERABAD: Sirpur Paper Mills Ltd has informed the stock exchanges that its board has decided to open the company's rights issue on March 21 and close it on April 21.

The issue is partly underwritten, for Rs 14.99 crore (16.66-lakh ordinary shares), by IL&FS Investment Ltd.

The company has also informed that its board has discussed the VAT provisions proposed to be effective from April 1. The company expects that lowering of VAT (4 per cent tax) on paper coupled with credit for VAT paid on inputs will have positive impact on the its profitability.