Financial Daily
from THE HINDU group of publications
Saturday, June 24, 2000
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Financial Daily from THE HINDU group of publications Saturday, June 24, 2000 |
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Textool projects 59% savings in interest after units' sale
Our Bureau
CALCUTTA, June 23
THE directors of Textool Company Ltd have in their report for 1999-2000 informed shareholders that all legal formalities in connection with the hiving off of the cots & aprons, powder paints and yarn process divisions are in the final stages of completio
n.
Textool, which has scheduled its 54th AGM on July 21, is also trying to dispose identified idle assets.
The directors have expressed the hope that utilisation of the sale proceeds of Rs. 64 crores for retiring high-cost debts will result in savings in interest cost by about 59 per cent, which will, in turn, ``directly improve the bottomline of the company
from the financial year 2000-01 onwards''.
The management decided to get rid of the three divisions as they needed huge infusion of funds for capital expenditure, which was beyond the means of the company.
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