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Bombay Rayon to buy stake in Indore based textile company
27
Oct '10
Bombay Rayon Fashions Ltd announced that the Board of Directors of the Company at its meeting held on October 27, 2010, has approved the acquisition of equity shares and Optionally Convertible Debentures (OCDs) along with underlying securities from the existing investors and OCD holders, constituting in the aggregate 70.56% equity stake in Indore based Textile Company STI India Ltd (STI), a Company listed on Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd for the total consideration of Rs. 70 crores.

The said acquisition of equity shares has triggered an open offer pursuant to SEBI Takeover Regulations to the existing shareholders of the Company.

Bombay Rayon manufactures one of the most versatile and technically advanced fabrics and apparels in India. Presently, we are the largest shirt manufacturer in India. Our fabric manufacturing facilities are 50 million metres per annum. Our garment manufacturing facilities are 35 million pieces per annum. BRFL currently employs over 32,000 people.

STI India Limited is committed to remain as a world class producer of 100% Cotton Yarn & Knitted Fabric with consistent quality and timely delivery to meet customer needs and expectations, to achieve a niche and nonetheless an edge over global competition. To achieve these corporate objectives and sustain them, the management minutely identifies and provides all the much needed resources including human resources to help create an environment conducive to team work and quality standards that are ultimate.

Bombay Rayon Fashions Ltd

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