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Gokak Textiles to raise Rs 30 crore on private placement basis

Gokak Textiles has received approval for issuance of Non-cumulative, Non-convertible, Non-participating, Redeemable Preference Shares of Rs 10 each aggregating to Rs 30 crore in one or more tranches on Private Placement basis to the Shapoorji Pallonji and Company, Promoter and / or any other Promoter Group Company. The Board of Directors of the Company at its meeting held on May 23, 2019 has approved the same.

Gokak Textiles’ principal activity is to manufacture and distribute textile products. The company’s product range includes yarn, blended Yarn, Cotton canvas, fabric, terry towel, knitted garments and other related products.