Filatex India Limited has informed the Exchange about Acquisition of 1,00,00,000 Equity Shares of Ecosis Limited, Wholly Owned Subsidiary Company

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AI summary

Filatex India Limited has acquired 10 crore (1 crore = 10 million) additional equity shares of Ecosis Limited, its wholly owned subsidiary, at Rs. 10 per share for Rs. 10 crore. Ecosis was formerly known as Texfil Private Limited. With this investment, Filatex's total investment in the subsidiary reaches approximately Rs. 65 crore. The funds will be used to finance Ecosis's Polyester Textiles Recycling Project, repay an existing loan taken from Filatex, and meet working capital requirements. The transaction is a related party transaction but is conducted on an arm's length basis with no promoter group interest.

Likely market impact

This is an internal capital infusion into a subsidiary and is unlikely to have any direct impact on Filatex's stock price. The investment supports the company's expansion into polyester recycling, which could be a long-term positive.