Wadia Group to consolidate stake in Bombay Dyeing
Wadia Group's Bombay Burmah Trading Corporation (BBTCL) would invest Rs 300 crore for acquiring the warrants of Bombay Dyeing.
By PTI |
MUMBAI: Wadia Group will consolidate its stake in its textile company Bombay Dyeing by way of subscription to the preferential issue of warrants representing about five per cent stake in the company for Rs 300 crore.
Wadia Group's Bombay Burmah Trading Corporation (BBTCL) would invest Rs 300 crore for acquiring the warrants of Bombay Dyeing and Manufacturing Co (BDMC) or other securities as may be issued by BDMC in one or more tranches, BBTCL said in communique to the BSE.
BBTCL would acquire 19.3 lakh warrants entitling the warrant holders within 18 months of allotment to apply for equity shares of the face value of Rs 10 each, representing up to five per cent in the existing paid up equity share capital of Bombay Dyeing, on preferential basis, subject to necessary approval.
BBTCL, a promoter group company, would seek its shareholders' approval through a postal ballot for investing the amount to acquire the stake, the company said.
The postal ballot forms duly completed should reach practising Company Secretary Tushar Shridharani, the scrutinizer, before August 31, it said.
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Earlier on July 25, the Board of Directors of Bombay Dyeing approved the proposal for the preferential issue of the warrants in one or more tranches to BBTCL.As on June 30, Bombay Burmah held 14.90 per cent stake in Bombay Dyeing, while the promoters including the Wadia group currently hold 43.01 per cent stake in it.
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