Ambika Cotton Mills Share price

The Company was originally incorporated as Ambika CottonMills Private Ltd as a Private Limited Company on October6. 1988 in the State of Tamil Nadu and subsequentlyconverted into a Public Limited Company on September 51994.The Company was promoted by Shri P K Ganeshwar Shri MRathanasamy and Shri P V Chandran for setting up a cottonspinning mill. The mill located in Dindigul Tamil Naducommenced operations in January 1990. The project with aninitial capacity of 6048 spindles was part-financed by aterm loan from State Bank of India. The Company carried outan expansion scheme to add certain back-process machineryin February 1991 which was also funded by the State Bankof India.In the year 1992 the company began implementation of anexpansion project to double its spindlage to 12096 spindlesby the addition of 6048 spindles. This project which wasfinanced by means of a medium term loan from State Bank ofIndia and the State Bank of Mysore on a consortium andthrough a Deferred Payment Guarantee limit from IDBI. Theproject was successfully completed in March 1993.The Company added Comber machines to its production lineand humidification system in 1994. This was funded bySIPCOT through a term loan of Rs. 90.86 lacs. The Companycurrently manufactures combed and carded cotton yarn ofcounts ranging from 30''s to 40''s. These are used by hosierymanufacturers to convert the same into fabric or garments.