Deals15 Feb 2025, 12:43 am
Kitex Garments to Absorb Textile Business Division of Kitex Childrenswear in $34.96 Million Deal
AI Summary
Kitex Garments Limited has approved a scheme of arrangement with Kitex Childrenswear Limited to demerge its Textile Business Division. The deal, valued at Rs. 34,964.19 lakhs, is expected to facilitate focused growth, operational efficiencies, and business synergies. The transaction is being undertaken at arms’ length basis and the new equity shares to be issued by the Resulting Company will be listed on BSE and NSE.
Key Highlights
- Kitex Garments to absorb Textile Business Division of Kitex Childrenswear
- Deal valued at Rs. 34,964.19 lakhs
- Expected to facilitate focused growth, operational efficiencies, and business synergies
- Transaction being undertaken at arms’ length basis
- New equity shares to be listed on BSE and NSE