Date:26/09/2005 URL: http://www.thehindubusinessline.com/2005/09/26/stories/2005092602070300.htm

Back Gangotri Textiles: Shareholders okay bonus, stock split

Our Bureau

Coimbatore , Sept. 25

SHAREHOLDERS of Gangotri Textiles Ltd have approved the move to award a 1:1 bonus issue and also go for a 2:1 stock split (two shares of face value of Rs 5 for every share of face value of Rs 10).

The latter move is to provide greater liquidity to the stock that is traded in the BSE under Group T.

These decisions have come ahead of the public issue proposed by the company. At present, GTL has an equity base of Rs 4.80 crore. The reserves and surplus as on March 31, 2005 was Rs 27.05 crore.

Speaking at the company's AGM here on Saturday, Mr Manoj Kumar Tibrewal, Managing Director, GTL, said two directors - Mr K.N. Sreedharan and Mr Ramesh Kumar Tibrewal - have relinquished their posts.