Textile company allots 5 lakh shares to Madhuri Madhusudan Kela on warrants conversion
Premium- The company informed that warrant holder Madhuri Madhusudan Kela has exercised her right for conversion of the warrants into equity shares
Textiles and apparels company Sangam India (Ltd) on Wednesday informed that the company has allotted 5 lakh shares to market veteran Madhusudan Kela's wife Madhuri Madhusudan Kela on 5 lakh warrant conversion at ₹180 each. Shares of Sangam India fell more than a per cent to ₹282 apiece on the BSE in the afternoon deals.
“We hereby inform that the warrant holder Madhuri Madhusudan Kela has exercised her right for conversion of the warrants into equity shares. Consequently, the Board of Directors of the Company at their meeting held today i.e. on 28th September, 2022 has allotted 5,00,000 Equity shares in pursuance of the conversion of fully paid up warrants to Smt. Madhuri Madhusudan Kela, Investors of the company," Sangam India announced in an exchange filing today, adding that the equity shares of the company have been allotted on the conversion of fully paid warrants.
These equity shares allotted on conversion of the warrants shall rank paripassu, in all respects with the existing equity shares, the company further informed.
"Post the allotment of equity shares, the paid-up equity shares of the Company has increased from ₹44,54,65,590/-(Rupees Forty Four Crore Fifty Four Lakhs Sixty Five Thousand Five Hundred Ninety only) to ₹45,04,65,590/- (Rupees Forty-Five Crore Four Lakhs Sixty-Five Thousand Five Hundred Ninety only)," the release stated.
Established in 1984, Sangam India ltd. is a producer in PV dyed yarn, cotton and OE yarn and also ready to stitch fabric with flagship brands Sangam Suitings and Sangam Denim. The NSE & BSE listed company produces 35 million meters of PV fabric and 48 million meters of denim fabric annually and the group has also introduced a garment manufacturing facility with 52 knitting machines that have the capacity to produce 5.4 million pieces per annum, as per the company's website. Sangam Group is a leading producer of PV Dyed Yarn, Seamless Garments, Seamless Fashion, Steel, Real Estate.
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The textile stock is up about 77% in a year's period, however, has declined more than 26% in 2022 (YTD) so far as compared to about 3% fall in benchmark BSE Sensex.
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