The Board of Directors of Surat Textile Mills Ltd in its meeting held today i.e. 1st January, 2022, approved in principle, the proposal for sale of its assets of Jolwa Manufacturing Division situated at Village Jolwa, Taluka Palsana, Dist. Surat ('Undertaking'), by way of an asset transfer / slump sale on a 'Going Concern' basis on an 'as is, where is and what is' to Garden Silk Mills Limited ('GSML') for a lump sum consideration of Rs.78 Crore (Seventy-eight Crore only). The proposed sale of Undertaking is subject to approval of the shareholders of the Company. The total Revenue from operation of the division during the last financial year ended 31st March, 2021 was Rs.13057.30 Lakhs which represents about 100% of the turnover or revenue. The buyer "Garden Silk Mills Limited" (GSML) is classified as a Promoter Group Company under the shareholding pattern which holds 6.53% equity shares in the Company. However, GSML is no more a Promoter Group Company and the Company has filed an application with BSE Limited for reclassification of GSML from promoter category to public category and the same is under consideration with BSE Limited. Shares of SURAT TEXTILE MILLS LTD. was last trading in BSE at Rs. 23.24 as compared to the previous close of Rs. 22.14. The total number of shares traded during the day was 570840 in over 1377 trades. The stock hit an intraday high of Rs. 23.24 and intraday low of 23.24. The net turnover during the day was Rs. 13266321.00.

Website Created & Maintained by : Chennai Scripts West Mambalam, Chennai - 600 033, Tamil Nadu, India