Zodiac Clothing Cancels Preferential Share Issue Following Chairman's Demise
Zodiac Clothing Company Limited (ZCCL) has cancelled its planned preferential issue of 13,44,086 equity shares at Rs. 111.60 per share to promoters. The cancellation follows the unexpected death of Mr. Mohamed Anees Noorani, the company's Promoter and Chairman, on July 29, 2025. Mr. Salman Yusuf Noorani, the other proposed allottee, did not subscribe due to the bereavement. The company couldn't complete the issue within the required 15-day period after receiving in-principle approval from BSE and NSE on July 24, 2025. ZCCL has announced a board meeting on August 13, 2025, to consider Q1 FY2026 financial results.
Mohamed Anees Noorani, Chairman and Promoter of Zodiac Clothing Company Limited, passed away on July 29, 2025. Noorani's association with Zodiac spanned over 55 years, during which he served as Managing Director, Vice Chairman, and Chairman. He was also involved in various industry institutions, including the Indo-German Chamber of Commerce and the Apparel Export Promotion Council. The Board and employees have expressed condolences, recognizing his visionary leadership and contributions to the company and the Indian textile industry.