Mumbai (Maharashtra) [India], December 04: Ludhiana-based LWS Knitwear Ltd. (LWS) is a BSE-listed company. It is coming out with a rights issue of 9,610,960 equity shares of Rs. 10 each with a fixed price of Rs. 18 per share (including a premium of Rs. 10 per share) to mobilize Rs. ₹17.30 Crores. The issue opens for subscription on December 06th, 2024, and will close on December 16th, 2024. Beetal Financial & Computer Services (P) Limited is the registrar of the issue.
The company is offering rights shares in the ratio of 19 shares for every 10 shares held by the eligible shareholders on the record date – November 28, 2024, as determined by the Board of Directors ,and renunciation of Rights Entitlement will be on December 10, 2024
Objects of the Issue:
The Net Proceeds from the Issue are proposed to be utilized by the Company for the following objects:
- Part repayment or prepayment of unsecured loans availed from the Promoters and from the member of the Promoter Group
- To meet the working capital requirements
- General corporate purposes
About Company:
Established in 1989 under the leadership of Late Shri SatParkash Kapoor and his son Girish Kapoor, the Managing Director. Under his leadership and benevolent vision, the company has relentlessly continued its journey of growth.
LWS is a pioneer in its field in Ludhiana, the capital of Hosiery and Woollen products of India, also suitably nicknamed the Manchester of India. The strategic location and easy accessibility by road and by air make LWS an extremely viable proposition.
A quest for perfection, keeping in mind methodism and flexibility to accommodate better ideas, is the undermining feature of the entire framework of LWS. Its accordance with the guidelines laid down by the specified beneficiaries has assisted the separate departments to work together in an easy and systematic manner. The well-coordinated team and access to elaborate infrastructure with a single purpose of achieving the best quality products for the consumers and building the brand LWS.
LWS has grown to a full circle, touching people the world over by having expertise in dealing with customers from around the world. The quality, durability and universal acceptance of LWS products are due to the personal interest of the promoters, professional management by the staff and expertise in producing quality premium products.
Under the stewardship of Shri Sat Parkash Kapoor, the Ex-President of the Wool and Woollens Export Promotion Council (WWEPC), the then government bestowed the promotion of the woollen industry abroad and the promotion of the manufacturing of winter wear in India. LWS had the manufacturing rights for a number of foreign-based brands, namely Karstadt-AG, Neckerman, GAP and Benetton India.
With the induction of Arjun Kapoor and Gopal Kapoor in leadership roles, the Company is appropriately positioned to take the next leap.
FINANCIAL INFORMATION:
Following are the details derived from the Limited Review financial results for the three-month period ended June 30, 2024, and the Restated Financial Statement for the Financial Years ended on March 31, 2024, March 31, 2023, and March 31, 2022:
(₹ in lakhs except Earnings per share and Net Asset Value)
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