Hind Syntex has received an approved for one time settlement of total dues of lenders e.g. ARCIL, Bank of India, Union Bank of India, State Bank of India and IDBI Bank for Rs 40 crore. The board at its meeting held on February 12, 2013 has approved the same.
The board also approved the share purchase agreement entered with Ravi Mohan, promoter and other with Manish Kumar and other acquirers for sale of 38,61,994 shares held by promoter and others in the company, at a price of Rs 8 per share.
Hind Syntex manufactures Single as well as Doubled Dyed & Grey Yarn for domestic and export markets in count range from 1/10 to 1/30 autoconed and 2/10’s to 2/30’s in Auto TFO quality. For domestic market they also manufacture 2/30’s non Auto TFO quality, in Grey & Dyed.