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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