Among the underwriters are: ICICI (Rs 17.50 crore), IFCI (Rs 8.75 crore), IIBI (Rs 1 crore) and IDBI (Rs 17.50 crore). One of the lead managers -- CD Capital Markets -- has underwritten Rs 25 lakh.

The company had been forced to delay its public -cum-rights issue, because of the sluggish market conditions. Originally planned for the second half of 1997, the issues will be completed by the middle of next month.

As per ICICI's revised profitability projections, the company is expected to report a total income of Rs 456.29 crore and an operating profit of Rs 39.6 crore in the year ending March 31, 1999. Net profit, however, will be only Rs 40 lakh primarily due to the high interest and depreciation burden of Rs 37 crore.

The profitability projections are based on the assumptions that the copper project would contribute Rs 27.99 crore, power plant Rs 1.25crore, Uttarpara works Rs 4.69 crore, Nasik works Rs 4.36 crore, paper machine wire division Rs 45 lakh, paper mill Rs 66 lakh and other income Rs 20 lakh.

In the next year ending on March 31, 2000 when the copper project is expected to reach 90 per cent capacity utilisation, total income, operating profit and net profit are expected to grow to Rs 513.33 crore, Rs 185.92 crore and Rs 19.61 crore respectively. Nearly 80 per cent of its profits are estimated to be generated from the copper project alone.

In the year to March 31, 1998 the company managed to report a total income (net of excise) of Rs 157.31 crore and net profit of Rs 87 lakh against the projected total income and net profit of Rs 292.18 crore and Rs 12.22 crore, respectively.