Ashapura Intimates Fashion has been allotted 15,92,500 shares in Momai Apparels so by virtue of this Momai Apparels Private becomes the subsidiary company of the Ashapura Intimates Fashion. The company subscribed 51% of paid up capital of the Momai Apparels.
Earlier in January 23, 2013 the Company had entered into the Share Subscription agreement with Momai Apparels where in it was mentioned that for the consideration money of Rs 1,59,25,000, Ashapura Intimates Fashion would get allotment of 15,92,500 equity shares in Momai Apparels. By virtue of the said agreement, the Company will hold 51% Equity Shares of Momai Apparels.
Ashapura Intimates Fashion designs, brands, markets and retails intimate garments. The Company's products consist of loungewear, bridal night wear, honeymoon sets, bathrobes and night wear. Ashapura also offers sportswear, women's innerwear, including lingerie.
