CMI to issue shares to Promoters
CMI Limited, the specialty cable company, at its Board meeting subject to approval of Shareholders, approved the issue of upto 5,00,000 shares to the promoters at a price of Rs.300 inclusive of share premium. The price at which the shares are to be issued is subject to the price not being lower than as determined as per the SEBI guidelines.Tweet
-- PRESS RELEASE
CMI to issue shares to Promoters
CMI Limited, the specialty cable company, at its Board meeting subject to approval of Shareholders, approved the issue of upto 5,00,000 shares to the promoters at a price of Rs.300 inclusive of share premium. The price at which the shares are to be issued is subject to the price not being lower than as determined as per the SEBI guidelines.
Speaking about the raising of additional resources through preferential allotment to promoters and increase of Working Capital Limits, Mr. Amit Jain, CMD, CMI Limited said, "We are gearing up for enhanced improvement in our working for the Financial Year 2017-18 as we expect the economy to pick up pace in the next Financial Year post demonetisation." He further added that the company has a healthy order book and is expected to turn operative cash flows positive in the FY 2017-18.
Notes to Editor
About CMI Limited:
CMI is a BSE listed, specialty cables company (BSE Scrip Code: 517330, NSE Symbol:CMICABLES). CMI closed the year 2015-16 with revenues of Rs.24170.54 Lakh.
CMI Limited, incorporated in 1967, commenced business in 1969 as a copper trading company and in early seventies started wire drawing of non-ferrous metals especially copper. In 1980, CMI diversified its activities by setting up facilities for the manufacture of Dry Core Telecommunication Cables. CMI slowly shifted emphasis from copper trading to cable manufacture, where value addition was higher. With the aid of its in-house research and development, the company started the manufacture of Fire Resistant Low Smoke Cables, Instrumentation cables, Control cables and in 1990, commenced the production of JFTC.
CMI focus is currently on new product development with the emphasis on latest technologies at its facilities. CMI's original facility is located at Faridabad in Haryana. CMI began the Commercial Production at its new facility at Baddi, Himachal Pradesh in April 2016, which was a part of its acquisition of General Cable Energy Private Limited from fortune 500 Company, General Cable Corporation. It is India's first green factory in the segment.
Today, CMI manufactures a wide variety of cables for infrastructure,Railways, Oil & Refinery industries, Engineering Companies, EPCC contractors, and the like. CMI's satisfied customers include Railways & its subsidiaries like IRCON. RITES, MRVC, Konkan Railways, DLW, DMRC & other metros; Oil & Refinery industries like IOCL, BPCL, BORL, GAIL, MRPL, HPCL, ONGC; Leading Government companies like EIL, ISRO, BHEL, NLC, NTPC, NPC, BSNL / MTNL and HEC; Private Sector EPCC companies like L&T, Alstom, Siemens, Hitachi, Linde, Thales, Lurgi, Technip and ABB; Steel plants like Vishakhapatnam Steel Plant, Bhushan Power & Steel, etc. CMI has also exported cables to Sri Lanka, Bangladesh & Iran Railways.
CMI is now manufacturing wide variety of cables including Railway Quad cables, Signaling cables, Ballise cable for Train protection & warning system, Fire survival cables, LSZH / FRLS sheathed cables, Control & instrumentation cables, Cables with TPU sheath, PTFE cables, Special cables for multi object tracking radar, Fire alarm & communication cables, PIJF telecom cables, EPR/CSP/PCP insulated & sheathed Rubber cables, Linear Heat sensing cables, etc.