Sky Industries has acquired 19,89,602 equity shares of Rs 10 each at par aggregating to Rs 1.98 crore by way of subscribing to the rights issue of Skytech Textiles, the subsidiary of the company. This investment will help Skytech inter alia in repayment / pre-payment, of certain outstanding borrowings. There will be no change in shareholding of the company in Skytech. Skytech will continue to remain a subsidiary of the company.
Sky Industries is India's largest manufacturer of hook and loop tape fasteners. They are also the largest manufacturer of all kinds of elastics and other narrow fabrics.
