In continuation to Board Meeting intimation given on 2nd May, 2025, this is to inform you that in the board meeting held today, i.e. on Friday, 9th May 2025, at the Corporate office of ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 16.6 pts less than Nifty Microcap 250 and 15.9 pts less 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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Shanti Spintex's board met on 9th May 2025 and approved the audited financial results for the half-year and full financial year ended March 31, 2025, along with the auditor's report. The board approved the acquisition of 100% equity shares of Teesta Spintex Private Limited, which will become a wholly-owned subsidiary of the company. The transaction has been classified as a Related Party Transaction with a promoter group entity. A draft Share Purchase Agreement was approved and a Whole Time Director was authorised to execute it. The board also noted the valuation report from an Independent Registered Valuer for this acquisition and approved an investment in equity shares of Teesta Spintex under Section 186 of the Companies Act.
The acquisition of Teesta Spintex as a wholly-owned subsidiary could expand the company's operations and spintex capacity, but being a related party transaction with a promoter group entity, shareholders should watch for valuation fairness. Approval of FY25 audited results keeps the company on track with its regulatory reporting timelines.