Filatex Fashions Announces Major Stock Split and Expansion Plans

Hyderabad-based Filatex Fashions Ltd has approved a 1:5 stock split to enhance liquidity and expand the shareholder base. The company will also set up a new subsidiary for textile exports, establish a corporate office in Mumbai, and plans to venture into the mining sector. FY23-24 recorded a net profit of Rs 8.95 crore.

Filatex Fashions Ltd, a leading socks and cotton products manufacturer based in Hyderabad, has approved a 1:5 stock split aimed at boosting liquidity in the capital market and expanding its shareholder base. The company will announce the record date following shareholder approval at their EGM scheduled for July 15, 2024.

In a move to broaden its business operations, Filatex Fashions will establish a wholly owned subsidiary for textile exports in Delhi and set up a corporate office in Mumbai. The company also plans to appoint senior managerial personnel to support this expansion.

Filatex Fashions' shares are now listed on the National Stock Exchange under the code FILATFASH, in addition to their longstanding presence on the Bombay Stock Exchange. The company recorded a net profit of Rs. 8.95 crore for FY23-24 and has ambitious plans for future growth, including a potential venture into the mining sector.

(With inputs from agencies.)