Notice of Postal Ballot to take approval of shareholders for sale of entire machinery of textile unit/division
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 4.3 pts more than Nifty Microcap 250 and 3.0 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Hindoostan Mills is seeking shareholder approval via postal ballot to sell the machinery of its textile unit located at Karad, District Satara, Maharashtra, on an 'as is where is' basis at a floor price of Rs. 15 Crores. The textile unit, part of the company's 100-year-old textile business, had been incurring continuous losses for over five years, and manufacturing was suspended in October 2024 due to global recession and competition. The Board approved the closure of the unit on April 15, 2025, and the Maharashtra government granted closure permission on June 19, 2025, under the Industrial Disputes Act. The unit was formally closed on June 24, 2025, with workers paid closure compensation. The machinery's net book value stands at Rs. 5.65 Crores, meaning the floor price represents nearly a 2.6x premium over book value. Remote e-voting will run from February 14, 2026 to March 15, 2026, with results declared by March 17, 2026.
This signals the company's exit from its century-old textile business, freeing up capital (potential Rs. 15 Crore inflow) from a loss-making division. Shareholders should note the sale price is well above the Rs. 5.65 Crore net block value, which is a positive, but the business itself is being wound down rather than revived. The stock may see limited direct reaction as the closure has been known, but proceeds could be redeployed or returned to shareholders.