Globe Textiles (India) Limited has informed the Exchange about Intimation under regulation 30 of SEBI (LODR) Regulations, 2015
GLOBE · price
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Awaiting price reaction for this filing.
Globe Textiles has decided to sell its existing printing plant and machinery, citing technological obsolescence, low capacity utilisation and frequent breakdowns. The printing unit contributed Rs. 765.90 lacs in turnover and the company reported a negative return on net worth of (7.38%) as of March 2024. The buyer is M/s Maruti Textiles Mill, Ahmedabad, and the total consideration is Rs. 1.18 crore (including GST), with sale expected to complete by May 10, 2025. The transaction is not a related-party deal. Proceeds will be used to strengthen the core business and adopt advanced technologies.
Short-term, this is a small asset sale (Rs. 1.18 crore) and is unlikely to move the stock price meaningfully. For shareholders, the key takeaway is that management is exiting a loss-making, underperforming unit to refocus on the core business and upgrade technology, which could be a positive step if execution improves margins.