Bombay Dyeing refutes news about selling minority stake
14 Sep '07
1 min read
The Bombay Dyeing & Manufacturing Co Ltd released a press statement to rebuff a news article which allegedly said that Bombay Dyeing was in talks with major private equity (PE) giants to sell a minority stake in the company.
"In light of speculative articles in the media about the possible investment in Bombay Dyeing by private equity players, The Bombay Dyeing & Manufacturing Co Ltd would like to categorically state that these reports are baseless, speculative and untrue," the press release received by Fibre2fashion stated.
The article said that for the first time in Bombay Dyeing's 128-year-old history, PE behemoth Blackstone was slated to buy less than 15 percent stake in the company.
The news went on to say that Bombay Dyeing was taking this step as it needed money to expand its real estate and airlines businesses as well as for its planned foray into retail.
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