Bannari Amman Spinning Mills Limited has informed the Exchange regarding Re-appointment of Mr S V Arumugam, Managing Director (DIN 00002458) of the Company for a term of 3 years with effect from 27.6.2026 to 26.6.2029.
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Bannari Amman Spinning Mills Limited's Board meeting on May 29, 2026 approved multiple items. The Board re-appointed Mr S V Arumugam as Managing Director for 3 years (June 2026 to June 2029). For FY2026, standalone revenue from operations was Rs 87,032.40 lakhs (down from Rs 88,735.86 lakhs), but profit before tax improved significantly to Rs 2,366.77 lakhs from a loss of Rs 270.55 lakhs in FY2025. Consolidated profit before tax was Rs 2,176.45 lakhs vs loss of Rs 389.57 lakhs. The Board recommended a dividend of Rs 0.25 per share. Additionally, 42,25,806 share warrants issued in November 2024 were forfeited due to non-payment of balance subscription. The company also completed a rights issue last year, which reduced promoter holding from 54.29% to 48.49%.
The company returned to profitability in FY2026 after a loss-making FY2025, which is positive for shareholders. The forfeiture of warrants indicates some investor uncertainty or non-completion of proposed investment. The re-appointment of the Managing Director provides continuity in leadership.