Mahavir Spinning announce one free share for every two held
18 Jun '05
1 min read
One of Largest Indian textile producers Mahavir Spinning Mills Ltd announced that the profit in the fourth quarter rise by almost doubled after it buys out the textile factory of a group company. The textile producer also declared that it will provide free of cost shares to stockholders.
Mahavir Spinning make decision in the month of September to acquire the textile factory of a group company to pull down interest costs, lower tax payments, invest more to raise production capacity and attract new customers.
In the month of March, two Indian courts in permitted Mahavir Spinning to acquire the textile units of Vardhman Spinning & General Mills Ltd., a group company.
Mahavir Spinning will provide one free share for every two, the company announced in a separate statement to the Mumbai stock exchange. It also declared dividend of 4.5 rupees a share.
The company makes a statement to be renamed as Vardhman Textiles Ltd., earlier in March of this year.
marketing@alchempro.com
