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Nakoda plans Rs 15 bn investment to expand its capacities

10
May '10
Nakoda Ltd has informed that the Board of Directors of the Company at its meeting held on May 10, 2010, inter alia, has approved the following:

1. Three years Growth Plan envisaging investment of Rs. 1,500 cr, including immediate Expansion Project at a cost of Rs. 234 Cr. to increase the Company's spinning capacity from 1,00,000 MTPA to 1,40,000 MTP.

2. Preferential issue of Convertible Warrants of Rs. 108 Cr. to the promoters and strategic investor(s).

3. Further issue of Equity Shares up to an amount not exceeding Rs. 108 Cr. through QIP or Depository Receipts.

4. convening 25th Annual General Meeting of the Company on June 10, 2010.

5. Noting cessation of Shri M. S. Nayak as Director of the Company due to his sad and Sudden demise.

6. Appointment of Mr. Paresh J. Shah, Advocate & Solicitor as an Additional Director of the Company.

Nakoda Textile Industries is engaged in the manufacture of polyester partially-oriented yarn (POY), fully drawn yarn (FDY), texturized and draw-twisted yarn and trading of all types of chips, yarn, fabrics and salt.

Nakoda Limited


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