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07-Jul2017

Bannari Amman Spinning strengthens on receiving nod to hike stake in YBAPL

Bannari Amman Spinning Mills is currently trading at Rs. 320.05, up by 14.35 points or 4.69% from its previous closing of Rs. 305.70 on the BSE.

The scrip opened at Rs. 312.00 and has touched a high and low of Rs. 325.00 and Rs. 305.05 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 356.00 on 31-Mar-2017 and a 52 week low of Rs. 237.00 on 08-Jul-2016.

Last one week high and low of the scrip stood at Rs. 325.00 and Rs. 292.00 respectively. The current market cap of the company is Rs. 504.22 crore.

The promoters holding in the company stood at 55.55%, while Non-Institutions held 44.45% respectively.

Bannari Amman Spinning Mills has received an approval to invest in its Joint Venture Company (JVC) - Young Brand Apparel (YBAPL). The board of directors at its meeting held on July 06, 2017 has approved for the same. After completion of this investment YBAPL will become a subsidiary of the company.

Presently, the company holds 33.33% stake in YBAPL and it has received an approval to acquire 18% stake pursuant to which the total holding of the company in YBAPL will reach 51.33%.

Bannari Amman Spinning Mills is engaged in the manufacture of grey woven fabrics, knitted fabrics and cotton yarn. The company is also engaged in the business of processing of fabrics, garments and wind power generation for captive consumption.



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