On Tuesday, Rushil Decor Ltd (RDL), which is one of the leading companies in the Laminate and Medium Density Fibre (MDF) panel boards industry in India, informed in an exchange filing that a subsidiary company of RDL in the name of “Rushil Modala Ply Limited” has been incorporated on March 19, 2024.
On March 19, 2024, Rushil Decor Ltd released a statement stating the incorporation of a new subsidiary, which is named Rushil Modala Ply Limited.
Regarding the same, the company stated, “Pursuant to the provisions of Regulation 30 of SEBI Listing Regulations, and in furtherance to our letter dated February 22, 2024, we wish to inform you that a subsidiary company of RDL in the name of “RUSHIL MODALA PLY LIMITED” has been incorporated on March 19, 2024.
The newly incorporated subsidiary Rushil Modala Ply Limited will be involved in the manufacturing and sale of Plywood and other related products. The company’s business is complementary to the main line of business of the listed entity, i.e., Rushil Decor Ltd. Therefore, the products to be manufactured by Rushil Modala Ply Limited will be in the same vertical segment as those manufactured by Rushil Decor Limited.
It has an authorised share capital of ₹1 lakh, divided into 10,000 equity shares with a face value of ₹10 each. Rushil Decor has subscribed to 51% paid-up equity share capital or 5,100 equity shares of the company in cash in the new subsidiary. Currently, Rushil Decor Ltd holds a stake of 51% in the newly incorporated subsidiary Rushil Modala Ply Limited.
On Wednesday, March 20, 2024, the share price of Rushil Decor Ltd opened at ₹295.50, touching the day’s high at ₹303, as of 3:36 PM on the NSE.
Rushil Decor Ltd is mainly involved in the manufacturing and selling of laminate sheets, pre-laminated medium-density fibre boards, medium-density fibre boards, particle boards and polyvinyl chloride (PVC) boards. The company’s products are laminated under its flagship brand, VIR Laminate. In the quarter ended December 2023, the company reported a revenue of ₹213.12 crore and a net profit of ₹11.36 crore.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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