12,356,000 Equity Shares of Le Merite Exports Limited are subject to a Lock-Up Agreement Ending on 10-MAY-2023.
May 09, 2023
Share
12,356,000 Equity Shares of Le Merite Exports Limited are subject to a Lock-Up Agreement Ending on 10-MAY-2023. These Equity Shares will be under lockup for 369 days starting from 6-MAY-2022 to 10-MAY-2023.
Details:
Pursuant to the Regulation 236 and 238 of SEBI (ICDR) Regulations, 2018, an aggregate of at least 20 percent of the post Issue Equity Share capital of the Company held by the Promoter shall be locked-in for a period of three years from the date of Allotment in this Issue. As on date of Draft Prospectus, the Promoters collectively hold 7,250,000 Equity Shares constituting 42.59 percent of the Post Issued, Subscribed and Paid-up Equity Share Capital of the Company, which are eligible for Promoters Contribution.
Pursuant to regulation 238(b) and 239 of the SEBI (ICDR) Regulations, other than the Equity Shares held by the Promoters, which will be locked-in as minimum Promoters contribution for three years, all pre-Issue Equity Shares shall be subject to lock-in for a period of one year from the date of Allotment in this Issue.
Le Merite Exports Limited is an India-based company, which is engaged in manufacturing and trading of textile products namely cotton yarn, greige fabric, and finished fabric for domestic and export sales. It deals in diversified product portfolio with capability to supply compact cotton yarn varying from counts NE 16/1 to NE 32/1 & NE 16/2 to NE 32/2 combed carded and double yarn that are used in various forms and for varied end uses. It operates through the textile segment, which is engaged in the trading of yarn, fabric, cotton, polyester chips, and manufacturing of yarn. It also exports sustainable organic yarn and fabric to international textile and garment manufacturers. Its subsidiaries include Le Merite Filament Private Limited and Le Merite Laxmi Spinning Private Limited, which are engaged in trading of polyester yarn, viscose yarn, synthetic fibers, staple fibers, worsted yarn, lycra yarn and other varieties, such as texturized, twisted, sized, and other such kinds of fiber.