SANGAM INDIA LIMITED (SIL), one of the leading manufacturers of PV dyed yarn and seamless apparel, announced today that the company has authorised the issuance of up to 57 lakh warrants redeemable into Equity Shares(s) of the Corporation with a full price of Rs.10/- each, totaling up to Rs.103.00 Crore to the promoters group and Smt. Madhuri Madhusudan Kela.
The company also revealed that its income has over doubled from Rs311cr in Q2FY21 to Rs635cr in Q2FY22, representing a 104 percent rise year on year. The firm’s total revenues as of September 2021 are Rs1,045cr, with international markets accounting for 37% of its revenue. In Q2FY22, the company’s EBITDA is Rs76.2cr, up more than 208 percent from the previous year’s figure of Rs24.7cr, and up from the preceding season’s figure of Rs51.1cr.
On Wednesday morning, the company’s shares achieved a new 52-week high and upper circuit of Rs245.15 per piece. Sangam (India) Ltd was selling at Rs245.15 a piece at roughly 10.35 a.m., up Rs11.65 or 4.99 percent from its earlier current share price of Rs233.50 per piece on the BSE.
The business also authorised a Rs137.25cr brownfield growth plan in the cotton yarn sector and effectively closed a Rs102cr term loan with lenders. This project’s completion date will be April 1, 2022.
The primary commercial activities of SIL are textile and garment production. The group has introduced new products to include a whole value chain in textile, including yarn, fabric, fabric processing, and seamless textiles and apparel, among other things. The company has constructed four state-of-the-art production facilities in Bhilwara and Chlttorgarh, Rajasthan, India.