Hyderabad-based leading socks and cotton products manufacturing company Filatex Fashions Ltd has approved 1:5 (5-for-1) stock split to enhance the liquidity in the capital market and widen shareholder base.

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Approved sub-division of existing 1 equity share of Rs 5 face value into 5 equity shares of Rs 1 each

Highlights:-

  • EGM of the Company for the FY 2024-25 is scheduled to be held on Monday. 15 July, 2024 to approve the stock split resolution and subsequently record date will be announced
  • Company to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi
  • Approved proposal to set up a Corporate Office in Mumbai for business expansion and planning to appoint senior managerial personnel like CEO and others
  • Company’s shares are listed and admitted to dealings on National Stock Exchange w.e.f 6 May 2024
  • For FY23-24, company posted net profit of Rs 8.95 crore, total income of Rs 179.02 crore.

The Board of Drectors of the company, in a meeting held of 7 June 2024, approved the 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 the 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 Authorised Share Capital of the Company is Rs 850 crore.

The EGM of the Company for FY 2024-25 is scheduled to be held on Monday, 15 July, 2024, at 11:00 AM through Video Conferencing or Other Audio Visual Means (OAVM).

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

The company's board in the meeting held on 6 July approved to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi. The reason behind it is that Delhi is a source for readymade goods, which can be easily supplied to overseas market from here. 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.

Incorporated in 1995, Filatex Fashions Ltd specialises in socks manufacturing and cotton products with 25 sock-knitting machines with the latest finishing and setting machines, using infrared technology for the first time in India. Filatex Fashions has gained rich experience in the European and Indian markets. With manufacturing plants located in Hyderabad, Telangana, the company offers private label services and the option to use its branded label for socks. The company’s clients include renowned brands like FILA, Sergio Tacchini, Adidas, Walt Disney and many other top labels of the fashion world.

The company has a state-of-the-art manufacturing unit located at Hyderabad. The unit has ultra modern, latest machinery from South Korea and Italy with in-house R&D facilities. The company is on growth path with various new orders from leading brands. The company's state-of-the-art plant spread over 4 acres is capable of producing 8.64 million pairs of socks per annum. The company further plans to ramp up production capacity up to 14 million pairs of socks per annum.

For FY23-24, the company posted a net profit of Rs 8.95 crore and a total income of Rs 179.02 crore. During Q4FY24, the net profit of the company was reported at Rs 2.56 crore and the total income of Rs 69.59 crore.

In November 2022, the company announced a capacity expansion of Rs 300 crore for its production facility in the 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. The said machines will require about 400,000 square feet of space for installation and the company's existing land will be enough for the same. This capex will generate additional turnover of around Rs 400 crore and provide employment to more than 1,000 workers. The company has also picked up 51 per cent stake in Sri Lankan apparel manufacturing company Isabella (Private) Ltd for about $7.55 million (approx Rs 60.40 crore).

Filatex Fashions Ltd plans to enter into mining sector

The Board of Directors of the company is considering the acquisition of a company engaging in mining activity on swap basis, by way of private placement of equity shares or such other security as may deem fit, to promoters/nonpromoters on preferential basis, in accordance with the relevant provisions of applicable laws and subject to approval of the Company's shareholders and receipt of applicable regulatory approvals.

 

 

 

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