The Board of Directors of Precision Wires India, in its meeting held today has declared interim dividend of Rs 1 a equity share having face value of Rs 5 each that is 20% for the financial year 2020-21.

The company has fixed record date of Nov.20,2020 for payment of the interim dividend and the said dividend shall be paid on or before Dec.10, 2020.

Some of the old equipments at our Silvassa plant to be scrapped as they had higher energy consumption, maintenance and operating cost. This will not affect our current production as the above equipments have not been producing for quite some time, the board said.

Civil works to extend the factory building by constructing additional approx 2350 sq meters at a cost of approximately Rs 45 million.

Further, the board of the company has approved obtaining additional non fund based facility of Rs. 250 million each from ICICI Bank and HDFC Bank and obtaining additional non fund based facility of Rs. 150 million from Kotak Bank.

The board also approved induction of Axis Bank with working capital facility of Rs 600 million within the existing framework of multiple banking arrangement.

Shares of the company gained Rs 6.05, or 4.68%, to settle  at  Rs 135.40.  The total volume of shares traded  was  5,021 at  the BSE (Wednesday).