Moneycontrol
May 19, 2017 11:28 AM IST | Source: Moneycontrol.com

Sutlej Textiles rises 4% on fund raising, stock split approval

The company at its meeting held on May 18, has approved the sub-division of the equity shares of Rs 10 each into 10 equity shares of Re 1 each.

Sutlej Textiles rises 4% on fund raising, stock split approval

Moneycontrol News

Share price of Sutlej Textiles and Industries rose more than 4 percent intraday Friday as the company has approved the sub-division of its equity shares.

The company at its meeting held on May 18, has approved the sub-division of the equity shares of Rs 10 each into 10 equity shares of Re 1 each.

The sub-division of equity shares is subject to approval of shareholders, and shall be effective only after any other statutory and regulatory approvals.

The company has recommended a dividend of Rs 13 per equity share for the financial year ended March 31, 2017, subject to the approval of the shareholders at the ensuing 12th Annual General Meeting (AGM) of the company.

The board has also approved raising Rs 500 crore by way of borrowings through placement of unsecured / secured, redeemable non-convertible debentures/ bonds, or any other permitted mode, for long term working capital requirements, growth plan, etc.

The board has considered approving all ancillary action for the above-mentioned fund raising, including obtaining shareholders' approval for the same through requisite mode.

The company's Q4FY17 net profit was down 34.6 percent at Rs 33.3 crore from Rs 50.9 crore, in the same quarter last fiscal.

Operating profit (EBITDA) was down 19 percent at Rs 55.5 crore and EBITDA margin was down 320 bps at 9.3 percent.

Meanwhile, its revenue increased 8.9 percent at Rs 597.7 crore against Rs 548.8 crore.

At 11:19 hrs Sutlej Textiles and Industries was quoting at Rs 908.80, up Rs 27.45, or 3.11 percent on the BSE.

Posted by Rakesh Patil
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