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BSL to raise synthetic & worsted spinning capacities

May '06
BSL Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 17, 2006, inter alia, has recommended dividend @ 10% on Equity share capital of the Company subject to approval from shareholders in next Annual General Meeting.

The Board of Directors has also approved the proposal for amalgamation of BSL Wulfing Ltd (wholly owned subsidiary) with the Company subject to approval from shareholders & other regulatory authorities.

The Company is diversifying into manufacturing of Silk Fabrics for which the Weaving capacity is being enhanced by installing 8 nos Jacquard / Dobby Weaving machines at the estimated cost of Rs 150 million. The Company plans to increase its Synthetic and Worsted Spinning capacities by 8000 Spindles at the estimated cost of Rs 250 million.

The Company plans to set up 6 MW Thermal power Station for captive utilization at the estimated cost of Rs 250 million. Total proposed Capital Expenditure of Rs 650 million is to financed by Term Loans and Internal Accruals.

Bombay Stock Exchange Limited

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