The Board of Directors of Bannari Amman Spinning Mills Ltd at their Meeting held on 4.12.2023, have approved, in principle, the following proposals. The proposals are subject to necessary Statutory, regulatory and other Compliance/approvals:
- To consider the proposals for transfer/disinvestment/sale of company's equity shareholding in the subsidiary and Joint Venture Company viz., Young Brand Apparel Private Limited, Sale of its Garment unit located at Palladam Hi- Tech Weaving Park, Palladam, Tamil Nadu and Sale of 6.43 Acres of Land with Building situated at Site No. R-44, SIPCOT, Perundurai, owned by the company.
- Raising of funds by way of issue of equity shares or any other instrument or security including fully/partly convertible debentures through Rights issue or qualified institutions placement or private placement/public issue of equity/debt securities or preferential issue or through any other permissible mode and/or combination thereof for an aggregate amount of, upto Rs.200 Crores (Rupees Two Hundred crores).
- Exploring alternative areas of business apart from textiles business it is presently engaged. In this direction it was proposed to venture into Healthcare Services in the near future.
The funds raised out of the above proposals is proposed to be utilised for reduction of the company's borrowings.
In this connection the Board authorized the Managing Director to initiate necessary steps in furtherance of the above proposals.
Shares of Bannari Amman Spinning Mills Limited was last trading in BSE at Rs. 49.68 as compared to the previous close of Rs. 49.82. The total number of shares traded during the day was 66930 in over 484 trades.
The stock hit an intraday high of Rs. 52.45 and intraday low of 49.35. The net turnover during the day was Rs. 3378523.00.