Kohinoor Textile Mills (KTML) has agreed to sell 5.625 million shares of Kohinoor Weaving Mills (KWML) out of its holding of 11.126 million shares.
The KTML will release the shares at a price of Rs 36.31 a share, whereas the KWML's current market price was Rs 35.15 a share on Friday. As of June 30, 2005, the KTML's holding in KWML was 11.126 million shares representing 33.65 percent of the total share capital of the KWML
Kohinoor Textile also holds an equity portfolio worth Rs 6.1 billion on current market prices along with its primary textile composite business. Maple Leaf Cement and Kohinoor Weaving join KTML as major companies in the portfolio.
Changes in the accounting policy allows investments in subsidiary and associates to be classified as "Available for Sale" under IAS-39. Investments are being measured at fair value based on quoted market price.
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