Wednesday, January 10, 2007

Spentex Industries merges with Indo Rama Textiles

Spentex Industries is merging Indo Rama Textiles with itself. The merger ratio has been fixed at 10:9, i.e. for every 10 shares of Indo Rama Textiles the shareholder will get 9 shares of Spentex Industries.

Spentex had acquired 49.03% stake in Indo Rama Textiles in May 2006. Its total equity holding in Indo Rama Textile now stands at 84.02%. Spentex had then acquired an additional 14.99% stake in Indo Rama Textiles through the market and enhanced its stake by 20% acquired through an open offer to the shareholders

Spentex Industries is India’s largest yarn manufacturer and currently has eight manufacturing plants-- six in India and two in Uzbekistan.

Read more in the article in The Economic Times.

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