SRF up 1.5% after announcing closure of technical textiles biz in Thailand

The decision has been taken as its was becoming economically unviable to continue running the plant.

Sep 18, 2019 07:09 IST India Infoline News Service

Shares of SRF Ltd. are trading higher by 1.5%.

The company announced on Wednesday that the Board of Directors of SRF Industries (Thailand) Ltd. (a material wholly owned subsidiary of the Company) had today decided to close the operations of its Technical Textiles Business operating out of Rayong, Thailand as its was becoming economically unviable to continue running the plant.

It has been decided to close the operations of Technical Textiles Business—Rayong and dispose off the assets of the business in the manner as may be decided by the Board of Directors of that company.

Necessary approvals from the concerned authorities in this regard would be taken in due course.

The scrip opened at Rs2,735.15 and has touched a high and low of Rs2,783.35 and Rs2,707.65 respectively.

So far 1,85,435 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs15,719.48cr.

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