Spentex Industries Ltd has inked a share purchase agreement with Amit Spinning Industries in order to acquire 50.91 lakh equity shares together with the control of management.
Equity shares will be purchased at Rs 11 per share on spot delivery basis and 1.18 crore equity shares of Rs 5 each at Rs 8.41 per share will be purchased under preferential allotment from promoters of Amit Spinning, the company informed.
Spentex would also acquire 44.14 per cent of the total paid-up capital of company amounting to an aggregate of 1.81 crore shares, it said.
Company proposes to acquire upto 20 per cent fully paid up equity shares of Rs 5 each of Amit Spinning Industries Ltd, under an open offer, after acquisition process ends, it said.
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