Richa Knits - Formation of Subsidiary Company

Thebullishtrends: Richa Knits share price closed yesterday at Rs.45.05. Richa Knits Ltd has with a foray to diversify and enter into infrastructural activities, the Company has formed a Subsidiary Company namely Richa Infrastructure Ltd (RIL).Further the Company has informed that, RIL has proposed to set up a plant for manufacturing Pre-fabricated Sheet Structure with a total project cost of Rs 52.00 crore which shall be partly financed by the banks and partly through equity share capital. For the above proposed project RIL has applied for a 10 acre plot with Haryana State Industrial & Investment Dev. Corpn. Ltd. at Growth Centre, Phase-II, Bawal, Haryana.