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Sumeet Industries' Rs. 60Cr right issue opens on December 27

Mumbai (Maharashtra) [India], Dec 12 (ANI-BusinessWire India): Surat-based Sumeet Industries Ltd. is coming out with a right issue aggregating up to Rs. 5969.80 Lakh. The right issue will open on December 27 and close on January 10, 2018.

The Right Entitlement ratio is fixed at 3:7. Thus, three right equity shares for every seven equity shares held by the eligible shareholders of the company, whose names appear on the Registrar of Members or list of depositories as members of beneficial owners, on the record date., which is December 18.

The Company offers Right Issue at a price of Rs. 24 per Right Equity Share (including a premium of Rs. 14 per right equity share) and the full amount is to be paid on application. The total number of right equity shares to be issued are 2, 48, 74,173 equity shares. The prevailing market rate of the share is around Rs. 30. The shares are listed on NSE and BSE.

Shankarlal Somani, Chairman of Sumeet Industries Ltd. stated that the company is manufacturing pet-chips, POY, FDY, Texturised and Carpet Yarn. The Company has modified some of its existing production capacity of POY and FDY Yarns for producing value added yarns. During last five years, the company has spent Rs. 500 Crores for backward integration.

For the six months ended on September 30, 2017, the total sale (Consolidated) the Company was Rs. 588.66 Crore and net profit was Rs. 20.51 Crores. Earnings per share was Rs. 3.53 and the total equity capital of the company is Rs. 58.04 Crore with a reserve of Rs. 249.91 Crore and market cap is around Rs. 188 Crore.

The Company has a track record of making continuous profit for the last 21 years. In 2006, the Company had given Bonus Shares in the ratio 1:2 and in 2007, it had given Bonus Shares in the ratio 1:10.

The Company was formed in 1988 and became public limited in 1992. The Company had started by setting up manufacturing of polypropylene multifilament yarn with a capacity of 2000 tons per annum. Today it has integrated facility of producing polyester yarn around 1,00,000 tones per annum. It has also set up synthetic yarn texturizing unit with a capacity of 5400 tons per annum. 

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