Our Bureau

New Delhi, Feb. 27

Spentex Industries Ltd has executed a share purchase agreement to acquire 50.91 lakhs equity shares along with management control of Amit Spinning Industries. Spentex has purchased 50.91 lakhs equity shares at a price of Rs 11 per share on a spot delivery basis from Bharat Shah and others, the outgoing promoters of Amit Spinning, it informed the BSE.

The company will also acquire 1.18 crore equity shares of Rs 5 each at the price of Rs 8.41 per share under a preferential allotment from Amit Spinning. Consequent to the allotment of preferential shares, Spentex will acquire 44.14 per cent of the total paid-up capital of the company, aggregating to 1.81 crore shares.

After the acquisition, Spentex proposes to launch an open offer to acquire up to 20 per cent of the fully paid up equity shares of Rs 5 each of Amit Spinning.

(This article was published in the Business Line print edition dated February 28, 2006)
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