Somany Ceramics infuses Rs39.99 crore in subsidiary Somany Max; stock rises

1 Sep 2022 , 12:03 PM

Somany Ceramics Limited informed that out of the approved investment of up to Rs170 crore in one or more tranches, it has now invested Rs39.99 crore in M/s Somany Max Private Limited. The investment is towards the subscription of equity shares by way of a right issue on August 30, 2022.

Company’s board of directors in their meeting held on February 2, 2022, approved an investment not exceeding Rs170 crore in one or more tranches in Somany Max by way of a combination of subscription/acquisition of equity shares and inter-corporate loan, as and when required.

The purposes and impacts of acquisition through a right issue of equity shares are to promote SMPL’s business objectives.

Somany has acquired 80% (approx.), 3,99,90,000 Equity Shares in SMPL. It is a related party of the Company.

As per the company’s filing, SMPL is in the process of setting up a manufacturing facility for larges tiles/slabs.

At around 12.10 PM, Somany Ceramics was trading at Rs645.10 up by 0.3% from its previous closing of Rs643.15 on the BSE. The scrip touched intraday high and low of Rs655 and Rs644.30 respectively.

For feedback and suggestions, write to us at [e-mail]