Bombay Rayon Fashions has announced that its Board of Directors has approved the acquisition of equity shares and Optionally Convertible Debentures (OCDs) alongwith underlying securities from the existing investors and OCD holders, constituting in the aggregate 70.56% equity stake in STI India (STI) for the total consideration of Rs 700 million.
STI India (STI) is Indore based textile company; listed on Bombay Stock Exchange and National Stock Exchange.
The said acquisition of equity shares has triggered an open offer pursuant to SEBI Takeover Regulations to the existing shareholders of the company.
Source: My Iris