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Uma Maheshwari Mills (UMML) was incorporated in Sep.'77. It was promoted by R M Ramanathan and associates, who are also the promoters of the Nachammai group of companies. The other group companies are Sree Uma Parameswari Mills, Sri Nachammai Cotton Mills, Sri Vigneswara Cotton Mills, etc.
The company came out with a simultaneous rights and public issue in Mar.'95. The rights issue (premium : Rs 10) aggregated Rs 2.88 cr and the public issue at a premium aggregated Rs 4.01 cr, to part-finance the capital expenditure on expansion and modernisation projects and to augment long-term working capital resources, at a project cost of Rs 9.89 cr.
UMML manufactures combed and carded cotton hosiery yarn of counts ranging from 20s to 40s. The company has a spindleage of 21,696 and produces 100% cotton yarn.
It also plans to modernise its unit by upgrading machinery in its pre-and-post-spinning sections. The company has been referred to BIFR for rehabiliation scheme and in turn the board has appointed IDBI as the operating agency.
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