Super Spinning Mills Considers Exit from Elgi Towers Property in Strategic Move

Super Spinning Mills Ltd has announced that its board has approved a proposal to sell, lease, or otherwise dispose of its Elgi Towers property in Coimbatore. The decision, made during the board meeting held on June 18, 2025, is subject to shareholder approval and other regulatory clearances.

 

Key Highlights:

 

Property in Focus: The asset in question is located at Elgi Towers, P.B. No. 7113, Green Fields, Puliakulam Road, Coimbatore – 641045, a prime commercial location in Tamil Nadu.

Regulatory Compliance: The proposed transaction will require a special resolution under Section 180(1)(a) of the Companies Act, 2013, and compliance with Regulation 37A of SEBI’s Listing Regulations.

Strategic Rationale: While the company hasn’t disclosed the valuation or potential buyers, the move is seen as part of a broader restructuring effort to unlock value from non-core assets.

Next Steps: Shareholder approval will be sought through a postal ballot or general meeting, and the company will proceed only after receiving all necessary consents.

Market Context: The decision comes amid a trend of listed companies monetizing real estate holdings to improve liquidity and focus on core operations.

 

This development signals a potential shift in Super Spinning Mills’ asset strategy, with the Elgi Towers property possibly serving as a key lever for financial flexibility.

 

Sources: Rediff Money, BSE India