Bombay Dyeing rises on receiving approval to divest textiles processing unit for Rs 230 crore

26 May 2015

Bombay Dyeing & Manufacturing Company is currently trading at Rs. 71.55, up by 0.10 points or 0.14% from its previous closing of Rs. 71.45 on the BSE.

The scrip opened at Rs. 72.00 and has touched a high and low of Rs. 72.85 and Rs. 71.25 respectively. So far 88,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 87.55 on 09-Jun-2014 and a 52 week low of Rs. 60.30 on 27-Mar-2015.

Last one week high and low of the scrip stood at Rs. 72.85 and Rs. 68.80 respectively. The current market cap of the company is Rs. 1,477.00 crore.

The promoters holding in the company stood at 52.35% while Institutions and Non-Institutions held 16.74% and 29.56% respectively.

Bombay Dyeing & Manufacturing Company has received an approval to sell / dispose-off its textiles processing unit situated at Ranjangaon, Maharashtra to Oasis Procon, New Delhi together with all specified tangible and intangible assets in relation to the undertaking (excluding its brand name and the specific liabilities), on a slump sale basis as a going concern and on an as is where is basis for a consideration of Rs 230 crore. The board of directors at their meeting held on May 25, 2015 has approved for the same.

The net proceeds from the sale of the undertaking will be utilized to repay the existing loans and reduce interest burden, or enhancement of working capital of the company or general business purpose. The sale is conditional upon the company’s shareholders’ approval and other customary closing conditions including technical, financial and legal due diligence.

As a term of the sale, the company has agreed not to directly and/or indirectly engage in the business of export of bed linen/bed linen fabric with any person in the territory of the United States of America for a period of five years from the closing date. The sale of undertaking will not have any impact on the company’s existing retail business ‘Home & You’.


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Bombay Dyeing Mfg. Share Price

74.40 1.70 (2.34%) Dec 13, 18:01
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Peers
Company Name CMP
Arvind 38.60
PDS Multinational 327.95
Vardhman Textiles 905.85
Welspun India 50.05
Bombay Dyeing Mfg. 74.40
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