Shanti Spintex Ltd Share Price – BSE

Textiles, Small Cap

Shanti Spintex will hold a meeting of the Board of Directors of the Company on 27 February 2024.

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The scrip was listed at Rs 76, a premium of 8.57% compared with with the initial public offer (IPO) price. The stock was currently frozen at an upper limit of 5% over its listing price.

The counter hit a high of Rs 79.80 and a low of Rs 76. About 15.02 lakh shares of the company changed hands at the counter.

Shanti Spintex's IPO was subscribed 18.25 times. The issue opened for bidding on 19 December 2023 and it closed on 21 December 2023. The price band of the IPO was set at Rs 66 to Rs 70 per share.

The issue size comprised a fresh issue of 26,88,000 shares and an offer for sale (OFS) of 17,76,000 shares by existing shareholders.

The company intends to utilize the net proceeds of issue to meet working capital requirements and general corporate purposes.

Ahead of the IPO, Shanti Spintex on 18 December 2023, raised Rs 8.90 crore from anchor investors. The board allotted 12.72 lakh shares at Rs 70 per share to 8 anchor investor.

Shanti Spintex engaged in manufacturing and selling various types of denim fabrics such as power stretch spandex denim, knit denim, light weight denim, rigid denim, over dyed denim and flat finish denim. The company’s production facility has capability to produce grey fabrics in various designs. It offers denim fabrics in diverse spectrum of shades such as indigo blue, IBST, sulphur black, sulphur grey, halogen blue and ecru colour. As on 30 November 2023, the company has around 72 employees (including labour) at various levels of the organization.

The company recorded revenue from operations of Rs 162.32 crore and net profit of Rs 5.23 crore for the period as on 30 September 2023.

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The equity shares of Shanti Spintex (Scrip Code: 544059) are listed effective 27 December 2023 and admitted to dealings on the Exchange in the list of ''MT'' Group Securities.

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