Axita Cotton Limited has informed the Exchange regarding Board meeting held on Jun 27, 2025.
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Axita Cotton's board approved selling its entire stake (5,500 equity shares) in KPR Sports and Media Private Limited to two promoter family trusts (NG Family Trust and KN Family Trust) at face value for a total of Rs. 55,000, with completion expected by June 30, 2025. KPR Sports is a loss-making subsidiary with zero revenue, a loss before tax of Rs. 42.24 lakh, and negative net worth of Rs. 41.24 lakh, so the company will cease to have any subsidiary after this sale. The board also approved a revision in remuneration for both Managing Directors, Mr. Nitinbhai Govindbhai Patel and Mr. Kushal Nitinbhai Patel, pending shareholder approval at the upcoming 12th AGM. Additionally, one director was re-appointed, and new Secretarial, Internal, and Cost Auditors were appointed for FY2025-26, with the Secretarial Auditor getting a five-year term through FY2029-30.
The subsidiary sale has negligible financial impact since KPR Sports had no income and negative net worth, but it removes a loss-making entity from the group's books. The promoter-related remuneration revision will need shareholder approval at the AGM and may attract attention from minority investors.