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Mudra to sell 25% stake to E-Land

 Mudra Lifestyle today said it will issue 1.2 crore equity shares, constituting 25 per cent equity in the company, to South Korea-based textile chain E-Land for around Rs 72 crore.

“The Board of Directors at its meeting held on October 15 has decided to issue 1.2 crore equity shares of face value Rs 10 each, at a price of Rs 60 per share,” the company said in a statement to the Bombay Stock Exchange.

An extra ordinary general meeting of the shareholders of the company will be held on November 13 for approval.

The entry into the above transactions would result in the investor being required to make an open offer under provisions of the Securities and Exchange Board of India.

“Upon the consummation of the transactions contemplated under the preferential allotment, the share purchase agreement and open offer, the investor (E-Land) would hold a minimum of 51 per cent of the post issue equity share capital of the company on a fully diluted basis,” the statement added.

Source: Indian Express

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