Amit Spinning Industries Limited has informed the Exchange regarding Board meeting held on September 03, 2025. The Board subject to approval of members in ensuing Annual General Meeting approved the proposal for the partial sale of certain machinery detailed in Annexures, which may exceed 20% of the total value of the machinery of the Company. This sale is in line with the Company s plan to modernize its manufacturing operations. The sale may attract the provisions of Section 180 of the Companies Act, 2013 and Regulation 37A of SEBI LODR Regulation 2015, and is to the parties which are not related to the Company. The Board further authorized the management to finalize the terms and execute all necessary documents in connection with the said sale.
Awaiting price reaction for this filing.
The Board of Directors of Amit Spinning Industries Limited, at its meeting on September 3, 2025, approved the partial sale of certain machinery that may exceed 20% of the total value of the company's machinery. The sale is aimed at modernizing the company's manufacturing operations. Since the sale value exceeds 20% of total machinery value, it falls under Section 180 of the Companies Act, 2013 and SEBI LODR Regulation 37A, meaning it requires shareholder approval at the upcoming Annual General Meeting. The buyers are unrelated parties to the company. The Board has authorized the management to finalize the terms and execute all required documents for the transaction.
Shareholders will vote on this proposed machinery sale at the next AGM. The move suggests the company is raising funds or replacing old equipment to modernize operations, which could improve future productivity but may also signal a shift in business focus or asset restructuring.