Morarjee Textiles today decided to raise up to Rs. 1200 mln, through a rights issue, from existing shareholders. In a board meeting on 20th Jan 2006, the members set up a committee of directors to determine the final size of the issue, price band, final share price, and the rights ratio. The company informed the BSE about the same. The company appointed Mr. Mahesh S Gupta and Mr. Shobhan Thakore as the additional
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| directors on the board with immediate effect and also approved the employee stock option plan, tasking the remuneration committee to decide the quantum and terms of issue of options. Meanwhile, the company reported a 145 per cent growth in net profit to Rs 22.80 mln in the third quarter ended December 31, 2005 as compared with Rs 9.3 mln in the corresponding quarter of the previous fiscal, adding its total income rose to Rs 429 mln from Rs 355 mln during the comparable quarters. 
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