Aditya Birla Group chairman -Kumar Mangalam Birla is reportedly planning to purchase stake of about 16% in Century Textiles and Industries. Aditya Marketing and Manufacturing, Essel Mining and Industries, IGH Holdings and Padmavati Investments will subscribe to 1.86 crore preferential warrants of Century, which will be converted into equity shares in 2015.
Aditya Marketing and Padmavati Investments hold 0.08% of Century. After conversion, these four investment companies will together hold a 16.77% stake in Century
Century Textiles & Industries has wide portfolio that manufactures yarn, denim, viscose filament rayon yarn, tyrecords, caustic soda, sulfuric acid, salt, cement and pulp & paper.
