Garnet International has informed that pursuant to the allotment of equity shares under Preferential issue by the Sukartik Clothing (SCPL) - a subsidiary company of Garnet International (GIL), the stake of GIL in SCPL stands reduced to 47.31% and accordingly. SCPL is ceased to be a subsidiary and becomes an associate company of GIL.
The above information is a part of company’s filings submitted to BSE.