Century Textiles has allotted 8.47 million shares to the promoter companies, Thus, Kumar Mangalam Birla family’s stake increased by around 8 per cent in the company. The promoters currently own 40% stake in the company and the promoter companies were allotted warrants on preferential basis in June 2014 and had paid 25% of the subscription money.
The promoter companies paid balance 75% of the warrant price and have requested conversion of warrants into equity shares. The company was earlier managed by BK Birla, Kumar Mangalam’s grandfather but due to advanced age, its Kumar Mangalam Birla who is now leading the company.
Century Textiles & Industries has wide portfolio that manufactures yarn, denim, viscose filament rayon yarn, tyrecords, caustic soda, sulfuric acid, salt, cement and pulp & paper.