TCL-CCCL MERGER AT 1:6 SWAP RATIO
Article Abstract:
The merger of Coimbatore Cots and Coatings Ltd (CCCL) with Textool Company Ltd (TCL), with effect from April 1, 1997, has been approved by the shareholders of the 2 companies. CCCL is jointly promoted by TCL and Lakshmi Machine Works Ltd. An equity swap in the ratio of 1:6 has been ratified by the shareholders. TCL's paid-up capital will increase to Rs7.22 crore after the merger. It has been decided not to allot any equity shares of TCL for the 16.96 lakh equity shares held by TCL in CCCL. TCL produces cotton and blended yarn, textile spinning machinery and wind mill generated power. CCCL manufactures rubber cots and aprons for spinning yarn. (khr)
Comment:
Proposed merger w/ Coimbatore Cots & Coatings is approved by companies' shareholders
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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TEXTOOL NET PROFIT DECLINES 19%
Article Abstract:
Textool Company Ltd (TCL) has posted a 19 percent decline in its net profit to Rs0.25 crore in 1997-98 (Rs0.31 crore in 1996-97). Its net sales declined by 15 percent to Rs92.74 crore (Rs109.12 crore). Total expenditure was Rs77.10 crore (Rs93.17 crore). Financial charges were Rs5.35 crore (Rs7.07 crore) and provision for depreciation at Rs12.43 crore (Rs14.26 crore). TCL's machinery wing has posted a decline in sales to Rs80.67 crore (Rs99.04 crore). The division's profit decreased to Rs6.36 crore (Rs8.71 crore). The company's textile division and its wind energy division registered a positive growth for the year. (gs)
Comment:
Posts 19% decline in net profit to Rs0.25 crore in 1997-98, as against Rs0.31 crore in 1996-97
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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VRS COMPENSATION PULLS DOWN LMW NET BY 82%
Article Abstract:
Lakshmi Machine Works Ltd (LMW) of Coimbatore, manufacturer of textile machinery, has posted a 82 percent fall in its net profit during July-September 1998 following the Rs6.15 crore voluntary retirement scheme (VRS) compensation. During the period, the net profit was around Rs1.51 crore (Rs8.28 crore during July- September 1997). It also posted a 33 percent fall in its sales to Rs88.04 crore (Rs131.25 crore). During the first half of 1998-99, it also posted net sales of Rs186.28 crore (Rs237.69 crore during the first half of 1997-98) and a net profit of Rs7.23 crore (Rs15.65 crore). (ag)
Comment:
Lakshmi Machine Works Ltd (LMW) of Coimbatore, manufacturer of textile machinery, has posted a 82 percent fall in its net profit during July-September 1998 following the Rs6.15 crore voluntary retirement scheme (VRS) compensation.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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