Mahalaxmi Rubtech applies to HC for amalgamation approval

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Mahalaxmi Rubtech applies to HC for amalgamation approval

Mahalaxmi Rubtech Ltd, leading manufacturer-exporter of Textile Printing Blankets and specialty rubber products has got the BSE nod for the scheme of amalgamation of the Group flagship company, Mahalaxmi Fabric Mills Pvt. Ltd. with MRT pursuant to which it has filed with the Gujarat high court for further approval .

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Mahalaxmi Rubtech Ltd (MRT) (BSE Code: 514450), a leading manufacturer-exporter of Textile Printing Blankets and specialty rubber products has got the BSE nod for the scheme of amalgamation of the Group flagship company,  Mahalaxmi Fabric Mills Pvt. Ltd. with MRT pursuant to which it has filed with the Gujarat high court for further approval .

After the approval, the company plans to leverage upon the benefits accrued to it by the integration of business activities. This integration is going to improve the presence of the company across the textile value chain and help the company in commanding a better bargaining power in the market. MRT has a comprehensive facility for sizing, weaving and processing all kinds of specialty fabrics.  Various types of Coated and Laminated Fabrics are also a part of its product portfolio giving it a distinctive edge. The company has also received approvals for its CDM project from United Nations Framework Convention for Climate Change which makes the company eligible to claim and sell carbon credits that are going to result in additional revenues in the future.

"We would be leveraging each other's core strengths, there by enabling us to provide more value to our products and also give better service to the ever expanding market," said Mr. Rahul Parekh, Managing Director, Mahalaxmi Rubtech Limited.

MRT's turnover for FY 2006-07 was Rs. 100.14 million and profit was Rs. 8.61 million. The paid up capital after the merger will go up to 88.20 million from the current Rs. 51.70 million.  The company expects the earning per share to be over Rs. 13.16 as an impact of this merger.

The company recorded a profit of Rs. 5.41 Million and a total income of Rs. 51.21 million for the quarter ended December 2007 as compared to a profit of Rs. 1.28 million and a total income of Rs. 27.73 million in December 2006. The company achieved sales of Rs. 100.14 million during the 12 months ended March, 31st 2007 and recorded a net profit of Rs. 8.61 million during the same year. 

Sourced From: Prana Public Relations