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NSE Announcements on Gangotri Textil
Posted by :
MMB MessengerGangotri Textiles Limited has informed the Exchange regarding the outcome of the meeting of the Board of Directors held on October 30, 2009 which is as follows : 1) Allotment of Cumulative Redeemable Preference Shares. 2) Allotment of 67,84,261 Equity Shares of Rs 5/- each to the Lenders. 3) Allotment of 97,69,335 Equity Shares of Rs 5/- each to the Promoter/Associates. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...
BSE Announcements on Gangotri Textil
Posted by : MMB Messenger
Gangotri Textiles Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 30, 2009, inter alia, has approved the following:
1. Allotment of Cumulative Redeemable Preference Shares: -
The Board of Directors have approved allotment of 20,42,000, 6.5% Cumulative Redeemable Preference Shares of Rs. 100/- each to the following lenders towards conversion of additional Working Capital Term Loan sanctioned by them.
- Name of the Bank: State Bank of India
No. of CRPS to be issued (Rs. 100/- each): 14,96,000
- Name of the Bank: State Bank of Hyderabad
No. of CRPS to be issued (Rs. 100/- each): 3,31,000
- Name of the Bank: Corporation Bank
No. of CRPS to be issued (Rs. 100/- each): 2,15,000
2. Allotment of 67,84,261 Equity Shares of Rs. 5/- each to the Lenders:
Pending In-principle approval from regulatory authority, the allotment of 67,84,261 Equity Shares of Rs. 5/- each to the Lenders has been deferred.
3. Allotment of 97,69,335 Equity Shares of Rs. 5/- each to the Promoter/ Associates
Pending In-principle approval from regulatory authority, the allotment of 97,69,335 Equity Shares of Rs. 5/- each to the Promoters Associates has been deferred. ...
BSE Announcements on Gangotri Textil
Posted by : MMB Messenger
Gangotri Textiles Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 30, 2009, inter alia, to consider the following business:
1. Taking on record the un-audited financial results of the Company for the quarter ended September 30, 2009.
2. Allot and Issue 67,84,261 Equity Shares of Rs. 5/- each @ Rs. 7.37 per share to the Lenders.
3. Allot and Issue 97,69,335 Equity Shares of Rs. 5/- each @ Rs. 7.37 per share to the Promoter / Associates.
4. Allot and Issue 6.5% Cumulative Redeemable Preference Shares of Rs. 100/- each for an aggregate sum of Rs. 20-42 crores to the Lenders towards conversion of additional Working Capital sanctioned by them. ...
BSE Announcements on Gangotri Textil
Posted by : MMB MessengerGangotri Textiles Ltd has informed BSE that the Annual General Meeting (AGM) of the Company was held on September 25, 2009....
NSE Announcements on Gangotri Textil
Posted by : MMB MessengerGangotri Textiles Limited has submitted to the Exchange a copy of the proceedings of the Annual General Meeting of the Company held on September 25, 2009. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements)....
Gangotri for GAIN PROFIT
Posted by : jimima
Purani bate bhul jao,
Makes your money double within six months only.
Rs.10/- me 20ki note mil rahi hai uNCLE...!
Fir kya sochte ho?...
“FAMILY SETTLEMENT” IS KILLING GANGOTRI TEXTILES”
Posted by :
nachu
Yes, there has been some upward price movement. This is primarily because of the news that some restructuring of its galloping debt has been arrived at with the financial instutions.
The improvement becomes sustainable and will get reflected only if (a) its sales and other incomes go up significantly,
(b) its crippling interest burden comes down significantly, yielding place to increased cash profits, or, (c) the management changes.
I would not be attending Gangotri Textiles forthcoming AGM on the 25th inst., since I am holydaying in the US. ...
“FAMILY SETTLEMENT” IS KILLING GANGOTRI TEXTILES”
Posted by : jimima
uNCLE,
just see the previous movemrnt from 17/09/09 (Dt. of my message)
Happy days will be here again...
...
“FAMILY SETTLEMENT” IS KILLING GANGOTRI TEXTILES”
Posted by :
share_tipIt`s good issue you pointed out...SEBI needs to perform action against promoter for misleading investors......
“FAMILY SETTLEMENT” IS KILLING GANGOTRI TEXTILES”
Posted by : nachu
21st Sept. 09
Certain Managements use any excuse – except their own sheer incompetence to manage, as reason good enough to say why the finances of the company they manage – rather mismanage – moved in to the shit house and has been going deeper into that pitiable state, year or after. The management of Gangotri Textiles is one such sordid example.
Four years ago, Gangotri Textiles extended a loan of Rs.15.00 crores, nearly double the size then of its own then equity capital of Rs.8.00 crores, to the brother of the Managing Director, to set up another similar but so far unlisted company, Jagannath Textiles. in a family settlement which its share holders came to know only after it was put through! The loan was at simple interest of 6%, whereas loans availed Gangotri was at thrice that rate, and on compounded interest! The Directors nominated by the banks and financial institutions have been in deep slumber all these years! The shocked share holders have been raising this issue every year. and been demanding that this unauthorized loan given by Gangotri Textiles, be got back immediately.
At the last AGM, the Managing Director revealed that Rs.8.00 crores was coming into the company’s coffers, not as part return of the unauthorized loan, but as an interest free loan arranged by promoters! The demand of the shareholders that money be accounted as part return of the unauthorised loan, has gone unheeded! If the loss in terms of the interest differential is to compensated, and we ignore the compounding factor, the balance amount to be recovered after adjusting this Rs.8.00 crores, works out to 12.48 crores!
What have been the consequences suffered by Gangotri Textiles and its shareholders?
The interest burden of the company, expressed as a percentage of its total income, has sky rocketed from 3.93% in qtr. ending March 07, to 44.87% in the qtr. ending March 09! It has come down to 31.19% in the June 09 qtr., thanks to the mobilization of Rs.8.00 to retire some part of the high cost debt.
The choking of funds due to unabsorbed and therefore compounded interest, has crippled Gangotri’s total income itself from Rs.41.42 crores in March 07 qtr., to half, Rs.22.35 crores, in March 09 qtr. The co.’s income has improved to Rs.27.99 crores in the June 09 qtr., thanks to slight release of the choke of working funds.
Its BSE prices (Face Value Rs.5.00) which was Rs.27.60/-, on 28th Feb.07, whenthe SENSEX closed at 12,938.09, but collapsed to Rs.3,45 on 28th Nov. 08 when SENSEX only came down by a third to 9,092.72, and has improved to Rs.8.06 on 31st Aug. 09, not because the SENSEX soared by 72.30%, to 15666.64, but because of rumours that some progress has taken place in its negotiation with the financial institutions, on restructuring its financial liabilities, including its interest arrears, as a part of rehabilitating the company.
I am amazed that some boarders are yet optimistic and are indicating that bonanza awaits investors. Let me quote a couple of them.
Mr. “jose123” writing in these columns on 17-Jan-08 , says “But there is a limit for a company to fall.” He also says Gangotri Textile’s market prices :is in its life-time low levels. So it can recover, and it will” and advises me “you don`t try to panic people.” He puts a share price value to his optimism when he says “In my view, it can cross 30 levels easily.”
18 months later, “ jimima” writes on 17-Sep-09 “Not baD AT CMP.” And advises investors, “Buy for long term” and puts another price for his optimism, when he says “Target for 2Yrs. 100Rs.”!
Borders will perhaps remember that I have been researching and commenting on some stocks. The list includes Teledata, Pentium, Anus Labs etc., also. The spirit of sharing these observations is investor education, not self trumpeting, as is proved by the fact that seldom have my observations been proved wrong.
In the case of Gangotri Textiles, I would be the happiest to see substantial upward movement of stock prices, because I will also gain, being an investor myself. Therefore I will be happy to be proved wrong!
...
Gangotri..... the birth place of GANGA-GAIN
Posted by : jimima
Not baD AT CMP
Buy for long term
Target for 2Yrs. 100Rs....
BSE Announcements on Gangotri Textil
Posted by : revathyThe co is going to be revived under the new scheme. Tamilnadu DY CM and union textiles minsiter have avinced interst to revive the co . You will get good news shortly. The target is 25 in 6 months pperiod...
BSE Announcements on Gangotri Textil
Posted by : MMB MessengerGangotri Textiles Ltd has informed BSE about the Financial Results for the Quarter ended June 30, 2009....
BSE Announcements on Gangotri Textil
Posted by : MMB MessengerGangotri Textiles Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 18, 2009 to September 25, 2009 (both days inclusive) for the purpose of 20th Annual General Meeting (AGM) of the Company to be held on September 25, 2009....
Gangotri, `The birth place of GANGA`
Posted by : jimima
Some thing backing backing till The budget09, Textile sector will be jumped there after.
Pick at CMP
In this sector Laxmi Mill and Rajapallayam are also good choice....
