The Business Bytes
HYDERABAD, JULY 8, 2024 (TBB BUREAU): The Board of directors of Hyderabad-based leading socks and cotton products manufacturing company Filatex Fashions Ltd. has approved 5-for-1 stock split.
The company’s board approved the sub-division of existing one equity share having a face value of Rs 5 each fully paid up into five equity shares of Rs 1 each fully paid-up.
The record date for the subdivision of equity shares will be intimated to the exchanges subsequently, after the approval of the resolution for sub-division by the shareholders.
The rationale behind the split is to enhance the liquidity in the capital market and to widen shareholder base, said the firm.
Company board has approved to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi. Additionally, the board approved proposal to set up a Corporate Office in Mumbai for business expansion.
