Maris Spinners board plans to expand production capacity at Hunsur plant; Stock spurts 3%

1 Apr 2022 , 10:23 AM

Maris Spinners Ltd has informed that the Board of Directors of the Company at its meeting held on Thursday, has considered expansion of production capacity to cater to future growth of the company

As per the regulatory filing, the existing capacity of plant 1 at Hunsur, Mysore is 28,704 spindles and the capacity utilization is at 100%.

Further, the proposed capacity addition of 7488 spindles (26.086%) is expected to be added by July 2022 at an investment of Rs31.70 crore, the company said.

It further added, the funds would be raised through bank finance of Rs20.50 crore and Rs11.20 crore through internal accruals.

At around 10:24 AM, Maris Spinners was trading at Rs111.85 apiece up by Rs3.15 or 2.9% on the BSE.