Sabu Jacob Now Owns 33.75% Stake In Kitex Garments

Sabu Jacob, Managing Director, Kitex Group

Sabu M Jacob, Promoter, Chairman and Managing Director of Kitex Garments has acquired additional shares of the company from the open market.

“In accordance with the provisions of Regulation 7 (2) (a) read with Regulation 6 (2) of the SEBI (Prohibitions of Insider Trading) Regulations, 2015, we wish to inform you that I have acquired 102445 Equity Shares constituting 0.15% of outstanding shares of the Kitex Garments Limited (KGL) on November 22, 2021 through open market purchase,” Jacob informed the stock exchanges. Jacob now owns 33.75% stake in the company

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Kitex Garments invests Rs 70 cr to incorporate new subsidiary
Kitex Garments incorporated a new subsidiary, Kitex Apparel Parks (KAPL), on 18 November 2021, by investing a cash consideration of Rs 70 crore. Kitex Garments has subscribed shares worth of Rs 70 crore in Kitex Apparel Parks (KAPL) divided into 7 crore shares of Rs 10 each.

Kitex Apparel Parks (KAPL) is a subsidiary of Kitex Garments wherein 70% of investment is made by the company and the remaining 30% stake will be invested by Kitex Childrenswear, a member of the group company. On a consolidated basis, Kitex Garments posted a 44.4% rise in net profit to Rs 25.72 crore on a 33.7% rise in net sales to Rs 178.09 crore in Q2 FY22 over Q2 FY21.

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Kitex Garments is engaged in the manufacture of fabric and readymade garments. The company operates through two business segments: garments and fabric. The firm also exports cotton garments principally infants wear.

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