BSE permits trading of Woodart’s new scrip from tomorrow

Mumbai: Bombay Stock Exchange (BSE) Thursday said it has listed V R Woodart’s new security (Scrip Code- 523888) and permitted trading on its bourse with effect from Friday, November 24, 2017.

According to BSE Notice No. 20171121-16 dated November 21, 2017, the aforesaid scrip is shortlisted under Graded Surveillance Measure (GSM) framework (GSM- Stage 4) whereby trading in the scrip is permitted once a week i.e every Monday.

Incorporated as a public limited company in February 1989, Veera Treatwood and subsequently change its name to V R Woodart in May, 1998.

Kerala-based Veera Group and Technology Development & Information Company of India (TDICI), a venture capital fund promoted by ICICI and UTI, jointly promoted the company.

The company manufactures and exports high-quality treated, finger jointed, glue laminated boards. It is a 100% EOU. The company’s manufacturing facilities are located at Kakkanad (Cochin), Kerala.

In 1992, it undertook a project to add certain new lines of products like mug tree, towel holder, kitchen board, and cutting board to the product line, in order to broad base and widen the company operations.

It came out with a public issue in October 1992 to part-finance the project. The company is continuously making losses due to uneconomical levels of production arising from paucity of working capital.

In order to overcome the persistent financial problems, the company made a rights issue of partially convertible debentures for Rs.495.23 lakhs. The turnover of the company jumped from Rs.7.03 lacs in the previous year to Rs.140.40 lakhs in financial year 1999-2000.