Ashima board approves selling surplus land to raise funds

With the board of directors of textiles player Ashima approving the disposal of the excess assets not required for the company’s textile operations, its stock rose by 5.27% at Rs 23.95 per share on the BSE at 1015 hours.
 
The board has finalised the sale of surplus land admeasuring 49,125.40 sq. metres at an aggregate consideration of Rs 160.89 crore in order to raise resources for revamping and modernising the company’s textile operations, meeting requirements of working capital, and repayment of other secured debts. Out of the aforesaid consideration, the company expects nearly Rs 100 crore by March 31, 2018. The rest of funds will be realised by March 31, 2019. 
 
Meanwhile, on the NSE the stock attracted a total traded volume of 4,01,209 shares and a traded value of Rs 95.37 lakhs. The company has delivered growth of 4.46% over the past five years. On a yearly basis the stock has given 36.38% returns and has outperformed the BSE Small-Cap index and the BSE 500 index.