HP Cotton Textile Mills has received approval to subscribe the equity shares of HP MMF Textiles, a wholly owned subsidiary company, offered by way of rights issue for a total amount aggregating up to Rs 10 lakh. Proceeds from the further issue of shares shall be utilized by HP MMF to cover its general and operational expenses.
There will be no change in the shareholding of the company in HP MMF. HP MMF will continue to remain a wholly owned subsidiary of the company. The said transaction is expected to be completed by March 31, 2025. The Board of Directors of the Company at its meeting held on March 24, 2025 has inter alia, approved the same.
HP Cotton Textile Mills is engaged in the manufacture of yarns and embroidery threads for both industrial and domestic usage.
