Kewal Kiran Clothing Ltd invests in K-Lounge Lifestyle Ltd

K-Lounge Lifestyle Limited is a wholly owned subsidiary of Kewal Kiran Clothing Limited.

Kewal Kiran Clothing Limited has on August 31, 2023 subscribed to further shares issued by K-Lounge Lifestyle Limited through right issue being 30,00,000 Equity Shares of face value Rs. 10/- (Rupees Ten Only) each for a consideration of Rs. 3,00,00,000/- (Rupees Three Crore only).

Pursuant to acquisition of additional shares (30,00,000 Equity Shares) Kewal Kiran Clothing Limited will hold 80,00,000 equity shares of Rs. 10/- each in K-Lounge Lifestyle Limited.

The intent of subscription of additional shares by way of rights issue is to focus on further development and enhancement of retail business.

K-Lounge Lifestyle Limited is a wholly owned subsidiary of Kewal Kiran Clothing Limited. K-Lounge Lifestyle Limited will operate in the retail space and is yet to commence its business.

Shares of Kewal Kiran Clothing Limited was last trading in BSE at Rs. 687.40 as compared to the previous close of Rs. 692.60. The total number of shares traded during the day was 4089 in over 386 trades.

The stock hit an intraday high of Rs. 699.95 and intraday low of 673.10. The net turnover during the day was Rs. 2798743.00.

Source : Equity Bulls

Keywords

KewalKiranClothing INE401H01017 KKCL Investment KLoungeLifestyle