Ginni Filaments Ltd., a listed company manufacturing traditional and technical textiles, has divested its spinning, knitting and processing unit to consolidate financial standing.
Board of Directors of Ginni Filaments approved in its meeting, held on 1st December, 2023, the transfer of its entire spinning, knitting and processing undertaking located at Chhata, Distt. Mathura (U.P.) to M/s. RSWM Limited, a listed company having its presence, in textiles, on slump sale basis on a consideration of Rs. 160 Crores.
Ginni Filaments is engaged in the manufacturing of traditional textiles comprising of yarn, fabric and garments and technical textiles comprising of non-wovens and consumer products. RSMW is one the largest and well-established manufacturers of textile products. It is positioned to infuse capital and strengthen its position in this segment. The employees of the various units of Ginni will be secure and have future growth prospects.
Shishir Jaipuria, Chairman & Managing Director of Ginni Filaments, says, "The transfer of the spinning, knitting and processing undertaking would strengthen the financial position of the company since traditional textile business continues to suffer on account of adverse global geo-political situation. Ginni wants to focus on technical textile where it has a leadership position."
Saket Jaipuria, Executive Director of Ginni, says that the company has been producing technical textile products for hygiene and medical applications and has a strong customer base. It has also started manufacturing cosmetic products and is seeing substantial growth on this front. It wants to strategically focus on this new emerging segment and is exploring several exciting opportunities. The slump sale process is expected to be completed in three months' time.
"We would like to express our gratitude to all the stakeholders for their trust and look forward to our shared success in future," says Saket Jaipuria.
Shares of Ginni Filaments Limited was last trading in BSE at Rs. 33.56 as compared to the previous close of Rs. 35.17. The total number of shares traded during the day was 90201 in over 464 trades.
The stock hit an intraday high of Rs. 35.45 and intraday low of 33.42. The net turnover during the day was Rs. 3086531.00.