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Our Bureau

Ahmedabad , Aug. 9

ARVIND Mills Ltd (AML) has received approval from shareholders to increase its FII limit to 49 per cent of the paid-up equity capital of Rs 195.37 crore.

The approval to raise the limit from 24 per cent to 49 per cent came at the AGM held at Ahmedabad on August 7.

The company had already reached the FII threshold level as the holding by FIIs stood at 23.94 per cent as on June 30.

This followed a decision to this effect by the AML board of directors on July 19, which passed the resolution that an increased investment by FIIs was considered to be in the interest of the company.

The company has a market capitalisation of around Rs 1,560 crore with the scrip trading at Rs 80. AML will soon go in for a debottlenecking exercise whereby its current annual capacity of 110 million metres would be augmented to 118.8 million metres.

It is expected to realise the eight per cent growth in capacity by December 2004.

More Stories on : Announcements | Foreign Institutional Investors | Textiles

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