Filatex Fashions Ltd Board Approves 5-for-1 stock split

Hyderabad based leading socks and cotton products manufacturing company Filatex Fashions Ltd  has approved a 1:5 (5-for-1) stock split to enhance the liquidity in the capital market and widen shareholder base. Board of directors of the company in the meeting held of 7 June 2024 has approved sub-division of existing 1 Equity Share of face value of Rs. 5 each fully paid up into 5 Equity Shares of Rs. 1 each fully paid up. Post approval of the resolution for sub-division by the shareholders at Extra Ordinary General Meeting (EGM), the record date for the purpose of subdivision of equity shares will be announced. Post sub-division, share capital of the company will stand at Rs. 833.40 crore divided into 8,33,40,72,725 equity shares of Rs. 1 each. The Authorized Share Capital of the Company is Rs. 850 crore.

Company’s shares are recently admitted to dealings on NSE with a code FILATFASH  w.e.f 6 May 2024.  Company’s shares were listed on Bombay Stock Exchange since 23 September 1996 and will continue to be listed on the exchange with the scrip code 532022. Company has also appointed Mr. Yash Sethia as Chief Financial Officer (CFO) of the Company from 30th March 2024. 

Company board in the meeting held on 6 July has approved to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi reason being Delhi is a source for readymade goods which can be easily supplied to overseas markets. Additionally, the board also approved a proposal to set up a Corporate Office in Mumbai for business expansion and planning to appoint senior managerial personnel like CEO, head of compliance etc. which will help the company in its smooth business expansion in global markets.

Company has a State of art manufacturing unit located at Hyderabad having ultra modern, latest machinery from Korea and Italy with In-house R&D facilities, is on Growth path with various new orders from Leading Brands. For FY23-24, the company posted net profit of Rs. 8.95 crore, total income of Rs. 179.02 crore. 

During Q4FY24, net profit of the company was reported at Rs. 2.56 crore and total income of Rs. 69.59 crore. n November 2022, the company announced a capacity expansion of Rs 300 crore for its production facility in next one and a half year. Under this expansion, the company will install another 500 machines to meet the growing demand for the company's existing products. Filatex Fashions Ltd plans to enter into the mining sector .

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