The company received Sebi clearance last Monday. Next week onwards it will start posting the offer to individual shareholders. The offer will be open for a month.

Speaking to reporters at the company's factory at Bishnupur in south 24 Parganas after formally launching Century's anti-borer and anti-termite plywoods on Tuesday, Sajjan Bhajanka, who is also the company managing director said, the promoters' present stake in Century Plyboards was around 78 per cent. In a bid to consolidate their position, they planned to increase it to 90 per cent, he added.

When it was pointed out that a floating stock of less than 10 per cent will lead to de-listing from the stock exchanges, Bhajanka said, "No we will restrict ourselves to 90 per centonly."

Century Plyboards, which was incorporated in 1986, used to manufacture veneers initially. Later on from 1988 it started producing plyboards and in 1996 it introduced the waterproof variety.

Bhajanka said, "We are also considering increasing the unit's plywood manufacturing capacity in the next six months."

"When we started off, we had a capacity of 10,000 cubic metre per day and slowly we increased it to 16,000 cubic metre per day. Within the existing set-up we plan to hike capacity to 25,000 cubic metre per day in the next six months," he said.

On Century's borer-proof plyboards, he said it had been prepared after intensive in-house research during the last two years.

"Along with our in-house research and development we also use a patented chemical technology from the United States, which has been a success in a number of countries," he said.

Elaborating on the process of producing borer-proof plyboards, company director (technical) Ajay Baldawa said, "Borer-proof plywood involves the useof a process of double-pressing, which ensures a better bonding of its veneer layers and also greater stability."

During 1997-98, the company recorded a turnover of Rs 45.54 crore, profit before tax of Rs 5.55 crore and net profit of Rs 4.48 crore.