Enam Securities has been appointed as a consultant to the KK Birla Group-controlled Sutlej Textiles and Industries Limited (STIL) for carrying out corporate restructuring of the outfit. This may involve bringing in a strategic investor.
STIL was formed last year by de-merging the entire textile business of Sutlej Industries Limited (SIL). SIL would remain as the investment company of the group. The KK Birla group holds close to 62% in STIL. The group plans to infuse up to Rs. 80 crores through private placement. These funds will be used for long term working capital requirement as well as to enhance the company’s equity base.
Read the Business Standard article.
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