Somany Ceramics makes additional investment of Rs 28 crore in its subsidiary, ET RealEstate

June 23, 2023

NEW DELHI: Somany Max (SMPL) has allotted additional 2,80,00,000, 11% cumulative redeemable preference shares of Rs 10 each aggregating to Rs 28 crore to Somany Ceramics by way of right issue on June 6, 2023, maintaining the percentage of shareholding of the company in SMPL at 80%, the company said in a BSE filing.

The objects and effects of acquisition is to support the business objectives of SMPL. After above investment, the total investment of the company in the securities of SMPL stands at Rs 88 crore.

SMPL is in the process of setting up manufacturing facility of large format tiles/slabs.

The company reported a growth of 18.68 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 24.40 crore in Q4 FY23 as against Rs 20.56 crore it registered in the corresponding quarter of the previous fiscal. It’s net consolidated total income stood at Rs 682.77 crore in Q4 FY23, a growth of 10.44 per cent from Rs 618.24 crore it recorded in the similar quarter last year.

  • Published On Jun 7, 2023 at 04:00 PM IST

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