Spentex to invest nearly Rs 750 cr

The textile firm says it has received shareholders' approval for making investment and providing guarantee of up to Rs 750 crore.

Textile firm, Spentex Industries Ltd on Tuesday said it has received shareholders' approval for making investment and providing guarantee of up to Rs 750 crore.

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The shareholders at the AGM also approved the increase in its borrowing power up to Rs 1,500 crore, Spentex Industries informed the Bombay Stock Exchange.

The appointment of Prem Malik, R K Thapliyal, Deepak Diwan, Pankaj Sharma, Shyamal Ghosh and Vivek Chhachhi as directors of the company was also approved at the AGM, it added.

The company also got approval for the continuation of PriceWaterhouse as auditors till the conclusion of next AGM and authorised the board to finalise their remuneration.

The shares of the company closed at Rs 65.40, down 3.68 per cent at the BSE.