Vardhman Polytex gets nod to sell its stake in OIEPL

Vardhman Polytex has received an approval to sell / transfer the investment held in equity shares of Oswal Industrial Enterprises (OIEPL) wholly or partly. The board of directors at their meeting held on February 06, 2015 have approved for the same.

The board also approved to raise the funds for an amount not exceeding Rs 300 crore from Indian/overseas market in form of equity / ADR / GDR / FCCB etc. subject to the approval of members.

Vardhman Polytex is engaged in the manufacture of yarn. It is also engaged in cotton spinning and line manufacturing, staple fiber yarn machine combing and re-combing of all types of fibers.