Indo Count Industries has received an approval for acquisition of remaining 17.5% equity stake i.e. 1750 equity shares of Indo Count Retail Ventures (ICRVPL) at par value of Rs 10 each surrendered by Asim Dalal. Pursuant to the said acquisition, ICRVPL shall become a wholly owned subsidiary of the Company. The Board of Directors of the company at their meeting held on February 11, 2020, approved the same.
Consequent to the exit of Asim Dalal from ICRVPL and considering synergy of business between the company and ICRVPL, the Board approved the proposal to acquire the business of ICRVPL, as a going concern by way of slump sale by ICRVPL with effect from April 01, 2020 on such terms and conditions as contained in the Business Transfer Agreement (BTA) to be entered between the Company and ICRVPL. As per the valuation report, no consideration is required to be paid to ICRVPL for said business acquisition.
Indo Count Industries is engaged in the manufacturing of 100% grey combed cotton yarn and knitted fabric. Its product range includes Cotton yarn, Knitted fabrics and Dyed yarn and core-spun yarn.
| Company Name | CMP |
|---|---|
| Welspun Living | 133.75 |
| Vardhman Textiles | 580.60 |
| Arvind | 435.40 |
| K.P.R. Mill | 954.80 |
| Page Industries | 37326.50 |
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