Greenlam Industries soared 6.25% 316.90 after the company's board approved preferential issue of equity shares worth upto Rs 195 crore to Smiti Holding and Trading Company.
The board of Greenlam approved preferential issue of 63,10,680 equity shares, constituting 4.97% of the share capital, at Rs 309 each, aggregating to Rs 195 crore.The proposal is subject to the approval of the shareholders, stock exchanges and such other regulatory authorities as may be applicable.
Greenlam will hold an extra-ordinary general meeting (EGM) on 16 July 2022, to seek shareholders approval for the proposed preferential allotment.
Greenlam Industries provides high-quality surface solutions that are designed to transform and beautify residential and commercial spaces. Its brands include Decowood, Mikasa, NewMika, Greenlam Clads, Greenlam Sturdo and Greenlam.
On a consolidated basis, net profit of Greenlam Industries fell 17.4% to Rs 25.56 crore despite of a 11.6% rise in net sales to Rs 463.39 crore in Q4 FY22 over Q4 FY21.
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