February 24, 2022 (MLN): The shareholders of Interloop Limited (ILP) have approved to make long term equity investment up to an amount not exceeding Rs200 million in a newly incorporated company TAPAL YDF (Private) Limited.
According to the notification issued to the bourse, the investment will be made in one or more tranches by way of subscription of shares at the face value of Rs10 per share of Tapal YDF.
The shareholders further authorized the Company Secretary or Chief Financial Officer to take and do all necessary acts, deeds, and things and to take all steps and actions necessary for the purpose of implementing the aforesaid resolution.
The company's Hosiery segment had been looking for commercial Spun dyeing units to dye shades in different colours and supply them as per quality standards of the Company within shorter lead times. There were smaller to medium size Yarn Dyeing units that had been facilitating Interloop Hosiery requirements but as per the management of the company, a lot of hardship was being faced in maintaining quality and arranging timely deliveries.
Accordingly, management of the Company had decided to go into the collaborative arrangement through a venture with Tapal Group to save investment into a new dye yarn (YD) and incorporated a new Company in the name of “TAPAL YDF (PRIVATE) LIMITED.
