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FIBERWEB (INDIA) LTD. — Capital/Financing Update 2024
Dec 3, 2024
60935_rns_2024-12-03_13805f5d-bebd-4a5a-b992-05f70398f956.pdf
Capital/Financing Update
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Manufactures of: Spunbond Nonwoven Fabrics
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Date: 03[rd] December, 2024
To, To, BSE Limited National Stock Exchange of India Limited Corporate Relations Department, Exchange Plaza, 1st Floor, New Trading Ring, Plot No. C/1, G Block, P. J. Towers, Dalal Street, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 001. Mumbai - 400 051.
Reference: BSE Scrip code - 507910 - Fiberweb (India) Limited NSE Scrip code: FIBERWEB
Sub: Outcome of Board Meeting dated 0 3 [rd] December, 2024.
Dear Sir /Madam,
In compliance with Regulation 30 of SEBI (Listing Obligation & Disclosure requirement) Regulations, 2015, we would like to inform you that the Board of Directors of the Company at its meeting held today i.e on Tuesday, 03[rd] December, 2024 have discussed, considered and approved the following matters:
- The Chairman informed the board members that the Company has got Rating done from Infomerics Valuation and Rating Pvt. Ltd. as required by the banks for application of loan specifically.
We are please to inform you that they have assigned for long term bank loan facility BBB- / stable and for short term facility assign A3. This will help Company to get the sanction of loan at favorable rate of interest as it is good rating.
- The Chairman also informed that the necessary application to the bank for grant of term loan of Rs. 115 Crores and working capital facility of Rs. 15 Crores for the new project of Spunlace fabrics with biodegradable materials. The necessary resolution as required by bank will be submitted to the bank.
The board authorizes Mr. Bhavesh P. Sheth and Mr. Pravin V. Sheth, severally to submit to the bank the necessary documents for sanction of the loan.
As per TEV Report (Techno-Economic Viability) prepared by CareEdge Analytics and Advisory Private Limited which was required by bank states that the company is in position to take the loan for new project Spunlace fabrics with biodegradable materials.
Product is manufactured in the plant, where the Management system is certified for ISO 9001 : 2015, 14001 : 2015, ISO 45001 : 2018
Mumbai : “KIRAN”, Ground Floor, 128, Bhaudaji Road, Matunga, Mumbai – 400019. Phone: 91 (22) 2404 4855 / 76 / 24082689 / 90 Regd. Office : Airport Road, Kadaiya, Nani Daman, (U.T.) – 396210.
& Works Phone: 91 (260) 222 0766/0458/1458/1858/0958 E-mail : [email protected] Website : fiberwebindia.com
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CIN NO: L25209DD1985PLC004694 ISO 9001:2015, 14001:2015, ISO 45001:2018
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Manufactures of: Spunbond Nonwoven Fabrics
The Company ought to invest Rs. 45.50/- Crores in a total capex of Rs. 160.50/- Crores and the balance will be the bank loan. The calculation is as follows.
| Bank loan | Rs. 115.00/- Crores |
|---|---|
| Company’s contribution | Rs. 45.50/- Crores |
| Total outlay | Rs. 160.50/- Crores |
Further, the Company has already invested approximately Rs. 28/- Crores, out of their internal accrual for balance, it will be necessary to raise the paid-up capital of the Company by way of any of the following mode i.e. Preferential Issue to promoters and Others, Issue of Warrants, Right Issue or any other mode of financing. At present it is proposed that maximum of Rs. 50 Crores be raised with any of the mode of financing.
The board authorizes Mr. Bhavesh P. Sheth and Mr. Pravin V. Sheth to finalise the mode of raising capital and do the needful as required under provision of Companies Act and SEBI (LODR) Regulations.
- The new project of Spunlace fabric with biodegradable materials is making good progress. Land is purchased, storage building and electric substation has been made, the machinery supply is finalised and as we have to give 30% advance, the same will be done on sanction of loan by bank. The construction of factory building will be started shortly. All other machineries are ordered which are to be obtained locally.
It is expected that the Commercial production of this project is likely to start by January, 2026.
The meeting commenced at 12.00 p.m. and concluded at 02.00 p.m.
Kindly take note of the same.
Thanking you,
Yours faithfully,
For FIBERWEB (INDIA) LIMITED
Digitally signed by PRAVIN VRAJLAL SHETH PRAVIN DN: c=IN, o=Personal, postalCode=400019, st=Maharashtra, serialNumber=42B1CA804A57F32F787CAF3C VRAJLAL SHETH C8DC4909D755D654242A3BACB3665DD59C143D5D, cn=PRAVIN VRAJLAL SHETH Date: 2024.12.03 14:01:13 +05'30'
PRAVIN V. SHETH DIRECTOR DIN NO – 00138797
Product is manufactured in the plant, where the Management system is certified for ISO 9001 : 2015, 14001 : 2015, ISO 45001 : 2018
Mumbai : “KIRAN”, Ground Floor, 128, Bhaudaji Road, Matunga, Mumbai – 400019. Phone: 91 (22) 2404 4855 / 76 / 24082689 / 90 Regd. Office : Airport Road, Kadaiya, Nani Daman, (U.T.) – 396210.
& Works Phone: 91 (260) 222 0766/0458/1458/1858/0958 E-mail : [email protected] Website : fiberwebindia.com
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CIN NO: L25209DD1985PLC004694 ISO 9001:2015, 14001:2015, ISO 45001:2018