"Parmeshwari Silk Mills Ltd Announces Investment in Harappa Textile Mills Pvt Ltd"

Parmeshwari Silk Mills Ltd Approves Strategic Investment in Harappa Textile Mills Pvt Ltd

In a board meeting held on Tuesday, January 2, 2024, Parmeshwari Silk Mills Limited's Board of Directors sanctioned a strategic investment of approximately INR 2,55,39,780/- in Harappa Textile Mills Private Limited. The approved investment involves the subscription to equity shares representing 99.96% of the issued and paid-up equity capital of Harappa Textile Mills Private Limited.

Parmeshwari Silk Mills Limited, known for its engagement in the manufacturing, buying, selling, importing, exporting, and trading of textile goods and accessories, aims to fortify its strategic position with this significant investment. The cost of the acquisition is specified at Rs. 2,55,39,780/- (Rupees Two Crore fifty-five lakh thirty-nine thousand seven hundred eighty only), calculated at Rs. 51.10 per equity share.

The move underscores Parmeshwari Silk Mills Limited's commitment to expanding its presence in the textile industry, solidifying its role as a key player in the market. The investment decision aligns with the company's broader strategy to enhance its portfolio and contribute to the growth of the textile sector.

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