However, the acquirers, a part of the promoter group, do not have any intension to delist the shares from the Calcutta Stock Exchange. In case the public holding falls below 10 per cent, the promoters -- Sajjan Bhajanka, Hari Prasad Agarwal and Sanjay Agarwal -- will either divest a part of their hodings in Century Plyboard or issue fresh capital.

The promoters currently hold 55.22 per cent in Century Plyboard. The promoters have already entered into an agreement with Changlang Plywoods and ManmaoPlywoods for acquiring 5.04 lakh shares of Century Plyboard at a negotiated price of Rs 8, which constitutes 18.77 per cent of the paid up capital of the company. The current open offer is, hence, in compliance with the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations and clause 40 B of the Listing Agreement.

The company has an equity base of Rs 4.87 crore, representing 48.25 lakh fully paid equity shares of Rs 10 each, 1.89 lakh partly paid up equity shares of Rs 10 each (on which Rs 2.5 per share has been paid up) and 700 partly paid up shares on which Rs 8.93 per share has been paid up.

Century Plywood manufactures and markets block board, plywood and veneer. In accordance with Regulation 28, Sajjan Bhajanka has opened an escrow account with Global Trust Bank by depositing an amount of Rs 30.6 lakh which is more than 25 per cent of the total maximum consideration for offer for sale.

The promoters plan to meet the financial requirements through borrowings and internal accruals. Thecompany has fixed the record date as September 9.SKP Securities is acting as manager to the open offer. The offer opens on October 22 and closes on November 20.

Meanwhile, the mutual fund industry launched 28 schemes, in all, in the financial year 1997-98, while the number launched in 1996-97 was 32, and the number of schemes launched in 1995-96 was 30.

The private sector mutual funds outdid the public sector mutual funds in terms of number of schemes launched in 1997-98. The private sector mutual funds launched 10 schemes (excluding Birla Liquid Fund), while the public sector launched only six schemes in all. UTI launched a total of 12 schemes during the same period.

``The public sector mutual funds have lost their touch as they are busy keeping old promises with little or no new products and services to offer,'' said the managing director of a mutual fund.

While the mutual fund industry has garnered Rs 8,514 crore in the first quarter of the current financial year in April-July. In this kitty, UTImanaged to mobilise Rs 6,659 crore with the non-UTI mutual funds, both the public sector and the private sector mutual funds, garnered Rs 1,683 crore.