Corporate Update

Himatsingka to consider Rs 30 cr hike in share capital

Himatsingka Seide, engaged in yarn and silk blended exports, has said it will consider the proposal of increasing the authorised share capital to Rs 50 crore at its extraordinary general meeting on October 5 next. The EGM will take up agenda which includes hike in share capital from Rs 20 crore divided into 2 crore equity shares of Rs 10 each to Rs 50 crore by creation of additional 3 crore shares, the Bangalore-based company informed the Bombay Stock Exchange.

Simultaneously, the EGM will also consider the proposal of stock split under which each of the 5 crore equity shares of Rs 10 would be sub-divided into 10 crore shares of nominal value Rs 5 each, it said.

The company will use the proceeds for increasing the production capacity, setting up new projects and implementation of the company’s business strategy.