CTIL and Grasim both shall initially subscribe to 5,000 Shares each of face value of Rs10/- per share in the JV Company as a minimum capital thus having an equal shareholding in the JV Company i.e. 50% each.
In a separate filing the company informed that the Century Yarn and Century Denim Units of the Textile Segment of the Company situated at Satrati, Dist. Khargone, Madhya Pradesh operations of which were classified as 'Discontinued Operations' since October, 2017 ("said Units") have been sold and transferred to Manjeet Global Private Limited and Manjeet Cotton Private Limited ("Buyers") respectively.
The company received consideration Rs62cr for both the Units i.e. Rs16cr towards sale of Century Yarn Unit and Rs46cr towards sale of Century Denim Unit.
“The Company had offered a Voluntary Retirement Scheme (VRS) to the employees/workers on the payroll of the said Units and has paid compensation and other dues to the remaining workers in accordance with law,” company said.
At around 9.42 AM, Century Textiles & Industries Ltd was trading at Rs720.05 per piece up by Rs7.15 or 1% from its previous closing of Rs712.90 per piece on the BSE.