Vardhman Polytex Concludes Utilization of Rights and Preferential Issue Funds
Vardhman Polytex Limited has announced the complete utilization of funds raised through its Rights Issue in October 2024 and Preferential Issue in March 2025. The company will discontinue submitting the Statement of Deviation/Variation for fund usage from Q2 FY2026. The Audit Committee has noted this development. Financial results for Q1 FY2026 show revenue from operations at ₹63.28 crore and net profit after tax at ₹1.94 crore, both down from the previous year.
10Mar 25
Vardhman Polytex Shuts Down Ludhiana Plant, Shifts Focus to Real Estate Monetization
Vardhman Polytex Limited announced the closure of its manufacturing unit in Ludhiana, Punjab by March 31, 2025. This strategic move aims to monetize the plant's real estate to repay outstanding liabilities and support future growth. The Ludhiana unit contributed 79.14% of the company's operational revenue in the last financial year. Vardhman Polytex reported a negative net worth of Rs. 36,103.76 lakh, highlighting financial challenges prompting this shift.