Gokak Textiles has received an approval to issue Non-cumulative, Non-convertible, Non-participating, Redeemable Preference Shares of Rs 10 each aggregating to Rs 35 crore in one or more tranches on Private Placement basis to the Shapoorji Pallonji and Company, Promoter and / or any other Promoter Group company. The tenure is for a period of 20 years from the date of allotment and the same will be redeemed in accordance with section 55 of the Companies Act, 2013.
The Board of Directors of the company at their meeting held on February 7, 2018, approved the same.
Gokak Textiles’ principal activity is to manufacture and distribute textile products. The company's product range includes yarn, blended Yarn, Cotton canvas, fabric, terry towel, knitted garments and other related products.
