Morrison To Buy 9.61% Steelage Pie

Turner Mor-rison and SKG Fiscals are picking up a 12.8 per cent stake in Steelage Industries, a Rs 64.41-crore, city-based home furniture company.

Both are promoters of Steelage, and are buying the shares from another promoter whose identity has not been disclosed.

While SKG Fiscals is set to buy one lakh shares of Rs 10 each constituting 3.2 per cent of Steelage's equity, Turner Morrison will buy three lakh shares making up 9.61 per cent.

Both the companies have informed the Bombay Stock Exchange yesterday of the move.

Steelage Industries makes steel structural items such as doors, tangbars, safes and safe deposit lockers, fire resistant products and fire security items.

The company posted an 18 per cent rise in turnover to Rs 64.41 crore in 1997-98, and its net profit rose to Rs 3.30 crore from Rs 2.58 crore. Operating profit rose to Rs 7.40 crore from Rs 6.23 crore while profit before tax touched Rs 4.35 crore from Rs 3 crore.

The company is managed by Amit Judge as chairman and D D Khetrapal as managing director.

Chubb International, a global insurance major which was recently acquired by Williams Plc and is the parent company of Kidde Fire Protection & Yale Security, is a significant shareholder of Steelage.

With the above alignment, the company plans to expand its co-operation with various companies in the Williams group, and introduce initiatives in the security and fire protection market in the country.