Singer India has received an approval for acquiring 10,00,000 equity shares (face value Rs 10 each) of Brand Trading (India) (BTIL) from BTIndia, a company incorporated in British Virgin Islands (holding 999,999 equity shares in BTIL) and Singer (Thailand) BV, a company incorporated in Netherlands (holding 1 equity share in BTIL) at a consideration of Rs 16.52 per equity share calculated at 95% of the value arrived and certified by a Practicing Chartered Accountant under the relevant guidelines. The investment which will be subject to any further approvals as may be required once materialized will make BTIL a 100% subsidiary of Singer India.
BTIL was incorporated on 24th June 2005 with a view to carrying on wholesale trading business in India by Singer. This company will be pursuing this business further as a separate 100% arm of Singer India.
Singer India is mainly engaged in the manufacturing of Sewing machines.
