Ester Industries promoters hike stake by 4.91 pc to 64.04 pc
Gurugram (Haryana) [India], September 7 (ANI): The promoters of Ester Industries have increased their holding in the company to 64.04 per cent.
ANI
Sep 07, 2020 13:41 IST
Gurugram (Haryana) [India], September 7 (ANI): The promoters of Ester Industries have increased their holding in the company to 64.04 per cent.
Fenton Investments, Wilemina Finance Corp and Movi Limited -- all promoter and promoter group entities -- acquired 4.9 lakh (0.59 per cent) 14.4 lakh (1.73 per cent) and 21.6 lakh (2.59 per cent) shares respectively on August 11 and September 1 via an off-market transaction.
"Post this transaction, the promoters stake in the company has increased by 4.91 per cent to 64.04 per cent from 59.13 per cent," Ester Industries said in a statement on Monday adding the move is a reflection their confidence in the potential and prospects of the business.
"The company is well-positioned to embark on its next growth phase on the back of improving business fundamentals of film and speciality polymer businesses."
Expanding consumption is translating to much-improved business metrics for polyester films. Ester Industries is also focused on de-commoditising its film business by nearly doubling the share of speciality, value-added products to 30 per cent over the next two years from 16 per cent at present.
Besides, the company also proposes to scale up its capacities with the setting up of a new facility through a wholly-owned subsidiary in Telangana. The first phase of the project with a capital outlay of Rs 500 crore is scheduled to be completed by the third quarter of the calendar year 2022.
Ester Industries is one of India's leading producers of polyester films, engineering plastics and speciality polymers. It has manufacturing facilities at Khatima in Uttarakhand with a capacity of 67,000 tonnes per annum of polyester resin, 57,000 TPA of polyester film, 30,000 TPA of speciality polymers and 16,500 TPA of engineering plastics.
The company exports about 30 per cent of its production of polyester films with sales and distribution network in more than 56 countries. (ANI)
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