Company Update

Gujarat Cotex has announced the withdrawal of its application for in-principle approval of a proposed preferential issue involving 1.36 crore warrants and 17.03 lakh equity shares linked to dues of Rs. 2.84 crore payable to Octagon Infratech Ltd. The decision follows significant market volatility and a sharp decline in the company’s share price, which dampened investor interest in the preferential issue.

The company emphasized that this withdrawal does not affect its financial stability or growth plans and remains open to raising capital through alternate routes when market conditions improve.