VIP Clothing Ltd realizes Rs. 104.1 million through Asset Monetization

VIP Clothing Ltd. (formerly known as Maxwell Industries Ltd.) has recently sold its Umbergaon factory and raised 104.1 million. The capital gained by selling this idle asset will now be utilized in business at different level from production, technology, innovation and marketing.

Mr. Kapil Pathare, Director at VIP Clothing Ltd. said "We realized that this asset is idle and underutilized and selling this can help us gain substantial amount that can be then put to better use in our business. The production will now happen at a central location from our Thingalur factory which will be faster due to advance machineries and 4x production capacity with skilled labours."

Shares of VIP Clothing Limited was last trading in BSE at Rs. 51.40 as compared to the previous close of Rs. 54.10. The total number of shares traded during the day was 138766 in over 637 trades.

The stock hit an intraday high of Rs. 53.75 and intraday low of 51.40. The net turnover during the day was Rs. 7181100.00.

Source : Equity Bulls

Keywords

VIPClothing INE450G01024 FundRaising AssetMonetization UmbergaonFactory