Sangam India Limited raises Rs. 103 crores from the Promoters and Madhuri Madhusudan Kela

Sangam India Ltd. (SIL), one of the foremost producers of PV dyed yarn and seamless apparel, today announced that the company has approved the issue of up to 571001000 (Fifty Seven Lacs) warrants convertible into Equity Shares(s) of the Company of the face value of Rs.10/- each aggregating up to 103.00 Crore to the promoters group and Smt. Madhuri Madhusudan Kela. The company also announced that its revenue has grown more than double from INR 311 cr in Q2 FY 21 to INR 635 cr in Q2 FY22 with an increase of 104% as per YoY comparison.

Total sales of the company, as of September 2021 stands at INR 1,045 cr with 37% of its revenue coming from international markets. The company's EBITDA is INR 76.2 cr in Q2 FY22 which is more than 208% as compared to YoY at 24.7cr. and is also better than the previous quarter of June 21 at 51.1cr.

-The company has also approved the plan of 137.25 cr brownfield expansion in the cotton yarn segment & successfully completed the financial closure of 102 cr term loan with lenders. The COD of this project will be 1st April 2022.

SIL's main business activities are textile & garment manufacturing. The group has expanded its product portfolio into a full value chain in textile, manufacturing of yarn, fabric, fabric processing and seamless garment, etc. The company has built 4 states of art manufacturing facilities situated in Bhilwara & Chittorgarh, Rajasthan, India.

Shares of Sangam (India) Limited was last trading in BSE at Rs. 233.50 as compared to the previous close of Rs. 222.40. The total number of shares traded during the day was 19233 in over 55 trades.

The stock hit an intraday high of Rs. 233.50 and intraday low of 233.50. The net turnover during the day was Rs. 4490905.00.

Source : Equity Bulls

Keywords

SangamIndia INE495C01010 SANGAMIND Textiles WarrantsConversion