Shiva Texyarn Limited has informed the Exchange about the acquisition of shares from M/s. Finecot Spinning Mills Private Ltd
SHIVATEX · price
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Shiva Texyarn's board approved a 11.50% equity acquisition in Finecot Spinning Mills Pvt Ltd for Rs. 3.45 lakh (3,450 shares at Rs. 100 each), a solar power company, to source captive solar power for its textile operations. The company also announced FY25 audited results showing a strong turnaround with profit after tax of Rs. 11.78 crore versus a loss of Rs. 11.08 crore in FY24, though revenue from operations declined slightly to Rs. 322.7 crore from Rs. 335.3 crore. The board recommended a 45% dividend (Rs. 4.50 per share on face value of Rs. 10) subject to shareholder approval. Additionally, Managing Director S K Sundararaman was re-appointed for three years, and new auditors were appointed for cost and secretarial audit purposes.
The solar power stake is a small, strategic move toward captive renewable energy that should help reduce long-term power costs, but is too minor to materially impact financials. The standout item is the sharp profit recovery and 45% dividend declaration, which should be viewed positively by shareholders.