Somany Ceramics Makes Additional Investment in its Subsidiary
Somany Max (SMPL) has allotted additional 2,80,00,000, 11% cumulative redeemable preference shares of Rs 10 each aggregating to Rs 28 Crs to Somany Ceramics by way of right issue on June 6, 2023, maintaining, the percentage of shareholding of the company in SMPL at 80%. The objects and effects of acquisition is to support the business objectives of SMPL. After the above investment the total investment of the company in the securities of SMPL stands at Rs 88Crs. SMPL is in the process of setting up manufacturing facility of large format tiles and slabs. The company reported a growth of 18.68 percent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 24. 40 crore in Q4 FY23 as against Rs 20.56 crs it registered in the corresponding quarter of the previous fiscal. Its net consolidated total income stood at Rs 682. 77 crs in Q4 FY23 a growth of 10.44 per cent from Rs 618.24 crs it recorded in the similar quarter last year.
Tags : Somany Max allotted redeemable preference shares Somany Ceramics shareholding company objects business objectives SMPL investment manufacturing facility