E-Land Fashion China sells shares in Mudra Lifestyle to E-Land Asia Holding
E-Land Fashion China Holdings has sold its entire 65.84 per cent stake in Mudra Lifestyle to a group company E-Land Asia Holding.
By PTI | Updated:
NEW DELHI: South Korea-based E-Land Fashion China Holdings has sold its entire 65.84 per cent stake in Mudra Lifestyle to a group company E-Land Asia Holding for a sum of Rs 74.69 crore.
In a filing to the BSE, Mudra Lifestyle said E-Land Asia Holdings has acquired 3.15 crore shares of E-Land Fashion China Holdings at a price of Rs 23.64 on December 30, 2011.
"The transaction involves transfer of shares from E-Land Fashion China Holdings Limited, which presently holds 65.84 per cent of the paid-up equity share capital of the target company (Mudra Lifestyle) to the acquirer (E-Land Asia) as part of the internal restructuring," Mudra Lifestyle said.
E-Land Fashion China Holdings had acquired 25 per cent stake in Mudra Lifestyle in October 2010, through a preferential share allotment.
In July last year, the Korean firm had purchased 20 per cent stake in Mudra Lifestyle for Rs 57.58 crore through an open offer, taking the total stake to 45 per cent.
Further, E-Land Fashion China Holdings had acquired additional 20.84 per cent stake in Mudra Lifestyle through open market taking the total stake to 65.84 per cent.
A part of the Mudra Group, Mudra Lifestyle manufactures fabrics and garments while E-Land Asia Holdings operates fashion and retail company in South Korea.
Scrips of Mudra Lifestyle closed at Rs 15.65, down by 0.32 per cent from previous close.
In a filing to the BSE, Mudra Lifestyle said E-Land Asia Holdings has acquired 3.15 crore shares of E-Land Fashion China Holdings at a price of Rs 23.64 on December 30, 2011.
"The transaction involves transfer of shares from E-Land Fashion China Holdings Limited, which presently holds 65.84 per cent of the paid-up equity share capital of the target company (Mudra Lifestyle) to the acquirer (E-Land Asia) as part of the internal restructuring," Mudra Lifestyle said.
E-Land Fashion China Holdings had acquired 25 per cent stake in Mudra Lifestyle in October 2010, through a preferential share allotment.
In July last year, the Korean firm had purchased 20 per cent stake in Mudra Lifestyle for Rs 57.58 crore through an open offer, taking the total stake to 45 per cent.
Further, E-Land Fashion China Holdings had acquired additional 20.84 per cent stake in Mudra Lifestyle through open market taking the total stake to 65.84 per cent.
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A part of the Mudra Group, Mudra Lifestyle manufactures fabrics and garments while E-Land Asia Holdings operates fashion and retail company in South Korea.
Scrips of Mudra Lifestyle closed at Rs 15.65, down by 0.32 per cent from previous close.
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