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| Exchange Disseminated Time | Rajapalayam Mills Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 03, 2014 has decided to sell the assets arid liabilities of Rajapalayam Mills - Subramaniapuram Unit subject to the consent of the Members of the Company to be obtained by way of Special Resolution to be passed through Postal Ballot.
The present installed capacity of the Company is 1,46,480 spindles and the Installed capacity of Rajapalayam Mills - Subramaniapuram Unit is only 15,264 spindles. The Net Asset Value (WDV) of Fixed Assets of the Company as per Audited Balance Sheet as on March 31, 2013 was Rs. 341.63 Crores and Net Asset Value (WDV) of Fixed Assets as on March 31, 2013 related to Rajapalayam Mills - Subramaniapuram Unit which are proposed to be sold was Rs. 22.58 Crores. Due to very limited synergies with other units of the Company owing to small scale of operation without any value addition facilities at Rajapalayam Mills - Subramanapuram Unit, the Board has decided subject to necessary approvals to sell the assets along with the liabilities of this Unit. |
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