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Shri Lakshmi Cotsyn board approves Rs 12 bn capex plan
10
Jun '09
Shri Lakshmi Cotsyn Limited (SLCL), diversified group engaged in manufacturing and processing a very wide range of end-to -end textile products and safety textiles for defence and paramilitary forces has announced that the company at its board meeting held in Kanpur, has approved its fund raising plans worth Rs 1200 cr for capital expenditure required for various projects.

Shri Lakshmi's Rs 1200 cr capex plan includes
• Plans to enhance the capacity of its Fusible Interlining division to 25 million meters from 12.5 million meters at present.
• Expansion in Denim Fabric Manufacturing Capacity.
• Expansion in Bed Linen Fabric Manufacturing Capacity
• Plans to set up spinning unit with one lakh spindles.
• Venturing into the manufacturing of Blackout Fabric
• Setting up a project for IRR Fabric.
• Company plans to open 1500 Retail Outlets across the Country by 2011 based on Franchisee model

Chairman and Managing Director MP Agarwal said: “We have a diversified expansion plan for our various verticals that includes, home furnishing, terry towels, fusible interlining, denim fabrics, technical textile fabrics, blackout fabric, IRR fabric and our proposed retail venture.

The company is also in the process of backward expansion of its existing verticals and is in talks with some non-performing private cotton textile companies for acquisitions”

The Board of Directors of the company has also approved fund raising Rs 12.50 crore by issuing 25 lakh convertible warrants on preferential basis to strategic investors. Each warrant would have an option of converting into an equity share at Rs 10 each at a premium of Rs 40 each.

SLCL has recently also allotted 7,78,500 No. of equity shares of Rs. 10/- each at a premium of 90/- per equity shares to the promoter group after approving the conversion of 7,78,500 No. of warrants out of 30,00,000 warrants in compliance with the provisions of Chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.

Shri Lakshmi Cotsyn Limited

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