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 the business of manufacturing and trading of textile products. The Company's products include yarn, greige fabrics and organic (Gots). Its yarn products include 100% cotton yarn, and cotton blended & synthetic yarns. It provides a full range of sustainable cotton yarn (100% organic cotton, organic in conversion, blend of minimum 5% organic, BCI, recycled cotton (GRS)/ RCS, fair-trade). Its 100% cotton yarn products include ring spun carded, combed & compact - Ne 8/1 To Ne 60/1, open end - OE 6/1 To OE 30/1, and TFO: Ne 10/2 To Ne 40/2 (ring spun & OE). Its cotton blended & synthetic yarn products include CVC 60/40, polyester: cotton 65/35, 52/48, 100% viscose and polyester viscose 65/35. Its fabrics conform to American four-point system of checking. The Company exports to various countries, including United States, China, Turkey, Egypt, Bangladesh, Portugal, South Korea, Spain, Italy, Vietnam, Thailand, and Peru.