Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Bannari Amman Spinning Mills Ltd to divest stake in JV, raise funds, diversify into healthcare business

Posted On: 2023-12-04 18:54:18 (Time Zone: IST)


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.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

NTPC Green Energy Ltd joins hands with MAHAGENCO for development of Renewable Energy Parks in Maharashtra

Reliance and Disney announce strategic joint venture

Juniper Hotels shares closes at 10% upper circuit on debut

Panchsheel Organics Ltd approves proposal to acquire factory premises for expansion

Competent Automobiles Co. Ltd. gets approval for dealership in Srinagar

Alfa Transformers Ltd receives order worth Rs. 76.70 lakhs

KSB Ltd recommends dividend of Rs. 17.5

Sanjivani Paranteral Ltd forms subsidiary SPL Infusion Pvt Ltd

Zodiac Clothing Company SA acquires Zela Technologies Inc

Artefact Projects Limited bags projects assignment with contracted fees of Rs. 5.50 crores

Kennametal India Ltd renews royalty agreement with Kennametal Inc

Veer Energy & Infrastructure Ltd approves 1:3 rights issue

Chennai Meenakshi Multispeciality Hospital Ltd purchases C ARM Compatible Electric OT Table

Ahasolar Technologies Ltd receives order worth Rs. 37 lakhs

JSW Steel Limited forms new subsidiary JSW Green Steel Ltd

Karnataka Bank allots 37,72,730 shares to ICICI Lombard General Insurance Company Ltd

Wipro completes major Cloud Transformation for ManpowerGroup

Diamines and Chemicals Limited receives ISO certificate

IIFL Management Services Ltd to sell AIF business to IIFL Securities Alternate Asset Management Ltd

HCLTech's MRO solution for complex asset management achieves SAP certification

Closure of US FDA Inspection at Alkem Laboratories Ltd's API manufacturing facility located at Mandva

Femina and Mamaearth are back with the new season of Beautiful Indians 2024 - Celebrating the Beauty of Goodness

SBI Cards and Payment Services Ltd approves allotment of NCDs for Rs. 750 crores

LTIMindtree Joins Forces with IBM to Advance the Quantum Innovation Ecosystem

SpiceJet and AerCap Settle $29.9 Million dispute

Bajaj Healthcare Ltd enters into definitive CDMO Agreement for 15 APIs with UK/EU Customers

Introducing the Pune Music Festival at Blue Ridge: A Confluence of Music and Luxury

Transforming FinnUp's Debt Marketplace with Veefin's SCF Technology

NMDC Update on Kirandul Incident

KP Energy commission 25.2 MW ISTS connected wind power project

IntellectAI introduces groundbreaking technology to process loss runs in an instant - with greater than 95% accuracy and no touch

HAS International Sdn. Bhd. goes live with Ramco Aviation

Anuh Pharma Ltd receives EDQM approval for CEP of Sulfadoxine API

Airtel switches to recycled PVC SIM cards - partners IDEMIA

Joy e-bike honoured with 'Prestigious Rising Brands of Asia 2023-24 Award' at Global Business Symposium

Flyr Partners with RateGain to Offer Hoteliers with a holistic solution for AI?Driven Rate Optimization across Distribution Channels

Dvara Money and Jana Small Finance Bank Partner to facilitate Digital Banking in Bharat with Spark Money

EaseMyTrip and Zaggle forge strategic partnership to revolutionize travel and expense management solutions

Remedium Lifecare Limited receives Rs. 169 crore export order

Gensol Electric Vehicle receives ARAI Certification to launch its First Flagship Electric Vehicle

Chemplast Sanmar Ltd commissions new Paste PVC facility at SIPCOT, Cuddalore

Torrent Power emerges as the Successful Bidder for 'Transmission System for Evacuation of Power from RE Projects in Solapur SEZ in Maharashtra'

Vodafone Idea Ltd Board approves equity fund raise of up to Rs. 20,000 Crores

Airtel strengthens its retail footprint in Meerut with opening of one brand new store

Tanla announced 'Wisely ATP Spotlight' - an innovative citizen protection portal to fight against online scams

Union Bank of India partners with Maruti Suzuki India Ltd for Inventory Funding

CAMSRep releases report on 'Why India isn't claiming its Insurance?' at CIFIL Symposium on The Path to Insure a Billion at IIT Madras

Salasar Techno Engineering Ltd bags an order valued at over Rs. 2,000 Mn from M/s ZETWERK Business Private Limited

Remsons Industries Ltd announces stock split

IndoStar Capital Finance Ltd to raise over INR 450 crore by preferential allotment of warrants


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020