Kitex Garments Invests ₹ 171.23 Crores in Subsidiary Kitex Apparel Parks Limited

Kitex Garments Ltd, along with its promoter group company, Kitex Childrenswear Limited, has invested an additional ₹ 171.23 Crores in its subsidiary, Kitex Apparel Parks Limited (KAPL). The investment, which is 70% funded by Kitex Garments, amounts to a total of ₹ 11986,25,694.00. The transaction is done at arm's length basis and the subsidiary company is engaged in the textile garments manufacturing industry. The acquisition is proposed to be made for consideration other than cash, by way of conversion of advances extended by the Company to its subsidiary, into equity shares. The target company, KAPL, is incorporated in India and registered with the Registrar of Companies, Hyderabad on November 18, 2021.