Filatex Fashions Ltd Board Approves 5-for-1 stock split

Bengaluru, 10 July, 2024: Hyderabad based leading socks and cotton products manufacturing company Filatex Fashions Ltd has approved 1:5 (5-for-1) stock split to enhance the liquidity in the capital market and widen shareholder base.

Logo - Filatex Fashions Ltd

Board of directors of the company in the meeting held of 7 June 2024 has approved sub-division of existing 1 Equity Share of face value of Rs. 5 each fully paid up into 5 Equity Shares of Rs. 1 each fully paid up. Post approval of the resolution for sub-division by the shareholders at Extra Ordinary General Meeting (EGM), the record date for the purpose of subdivision of equity shares will be announced. Post sub-division, share capital of the company will stand at Rs. 833.40 crore divided into 8,33,40,72,725 equity shares of Rs. 1 each. The Authorized Share Capital of the Company is Rs. 850 crore.

EGM of the Company for the FY 2024-25 is scheduled to be held on Monday. 15 July, 2024 at 11:00 AM through Video Conferencing or Other Audio Visual Means (OAVM).

Company’s shares are recently admitted to dealings on NSE with a code FILATFASH w.e.f 6 May 2024. Company’s shares were listed on Bombay Stock Exchange since 23 September 1996 and will continue to be listed on the exchange with the scrip code 532022. Company has also appointed Mr. Yash Sethia as Chief Financial Officer (CFO) of the Company from 30th March 2024.

Company board in the meeting held on 6 July has approved to set up a wholly owned subsidiary for export of textile garments and fabrics in Delhi reason being Delhi is a source for readymade goods which can be easily supplied to overseas market. Additionally, board also approved proposal to set up a Corporate Office in Mumbai for business expansion and planning to appoint senior managerial personnel like CEO, head of compliance etc. which will help the company in its smooth business expansion in global markets.

Incorporated in 1995, Filatex Fashions Ltd specializes in socks manufacturing and cotton products with 25 socks-knitting machines with the latest finishing and setting machines, using infrared technology for the first time in India. Filatex Fashions has gained rich experience in the European and Indian market. With manufacturing plants located in Hyderabad, Telangana, the company offers private label services and the option to use its branded label for socks. Company’s clients include renowned brands like FILA, Sergio Tacchini, Adidas, Walt Disney and many other top labels of the fashion world.

Company has a State of art manufacturing unit located at Hyderabad having ultra modern, latest machinery from Korea and Italy with In-house R&D facilities, is on Growth path with various new orders from Leading Brands. Company has a modern state-of-the-art plant spread over 4 acres capable of producing 8.64 million pairs of socks per annum. The company further plans to ramp up production capacity upto 14 million pairs of socks per annum.