Business Daily from THE HINDU group of publications
Tuesday, Aug 22, 2006
Business Daily from THE HINDU group of publications Tuesday, Aug 22, 2006 |
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Markets
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Stocks Corporate - Mergers & Acquisitions Our Bureau
New Delhi , Aug. 21 Spentex Industries Ltd said on Monday it has raised Rs 46.59 crore through the issue of 7.5 million shares at Rs 62.13 per share to qualified institutional buyers. The money would be used for expansion and acquisitions, the textile company said in a statement. The shares were allotted to Sundaram BNP Paribas Mutual Fund, Goldman Sachs Investments (Mauritius) Ltd, Voyager Fund (Mauritius) Ltd and Nikko Asset Management (Mauritius) Ltd. The company also said it has completed the acquisition of Uzbek spinning firm Tashkent To'ytepa Tekstil on Sunday for nearly Rs 380 crore. In a filing on the Bombay Stock Exchange, it said the buyout would catapult the company as the country's biggest yarn manufacturer with an installed capacity of over 5.7- lakh spindles. The deal entails acquisition of two manufacturing facilities in Uzbek cities of Tashkent and To'ytepa. The purchase happened under the privatisation programme of the Government of Uzbekistan and Spentex would get a number of incentives as part of the deal, including a 15 per cent discount on raw cotton and exemption on corporate taxes, customs duty and value-added tax.
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