Ventura Textiles Limited
Add to watch list to get report alerts
BSE Code:
516098
NSE Code:
VENTURA
Business Profile
Business Profile
Ventura Textiles (VENTEXCO) produces gray cotton fabrics and home textiles. The company`s plant is located at Nasik in Maharashtra.
The company had been incurring losses and had to restructure its financial obligations to financial institutions.
The company`s registered office is in Mumbai and P. M. Rao is its CEO and managing director.
Financials
Ventura Textiles posted a net profit of Rs 46.67 million for the year ended Mar. 31, 2007 on sales of Rs 641.33 million. Total income for the year stood at Rs 661.31 million. During the year, the company posted an EPS of Rs 0.14.
Recent Developments
29-JUN-07
On June 22, 2007, the BIFR granted various exemptions to the company and issued directions to the concerned agencies for its compliance, detailed as under:1. Write down of 75% of existing equity share capital and reserves and surplus against the
accumulated losses of the company and consolidate the shares to face value of Rs 10/- each. 2. Exempt the Company from applicability of SEBI Rules, SEBI (DIP) Guidelines, 2000 and SEBI (Substantial Acquisition, of Shares & Takeover Regulations), 1997 for the following:(a) To convert 47,500,000 optionally fully convertible equity warrants (OFCEW) issued promoters viz. Ventura Texports and Penny Securities & Investments; and(b) Preferential allotment of securities to the existing promoters, new investors and qualified institutional buyer(s).(c) Permit to de-List the company's shares from Coimbatore Stock Exchange (CSE) and Delhi Stock Exchange and directing these Stock Exchanges to waive the outstanding liabilities of the company towards annual listing fees.(d) Exempt the company from payment of stamp duty for acquisition of land and for
implementation of the above project.
09-MAY-07
Rawi Puri has joined the company as its President.
17-APR-07
On April 17, 2007, the board of directors approved the following:1. The terms and conditions of the term loan of Rs 206 million sanctioned by State Bank of India towards part funding of the setting up of a state-of-the art dyeing and processing house (expansion cum integration project for a Rs 916 million viz.(i) Setting up of a state-of-the art dyeing and processing House (60,000 meter wider width per day)(ii) Adding 18,000 - 20,000 spindles for undertaking ring spinning.(iii) Expansion of weaving capacity by adding another 8 Dobby looms.(iv) Setting up of 2.5 MW power generation plant.2. To approach banks/financial institutions for part funding towards the said project.3. To raise equity funds on preferential basis towards part funding of the said project.