Wadia group holding company to hike stake in Bombay Dyeing
MUMBAI: After Bombay Burmah Trading Corporation, a holding company of Wadia Group is planning to acquire more shares of Bombay Dyeing & Manufacturing as a part of internal restructuring of promoters holding in Bombay Dyeing, according to an exchange filing.
Bombay Burmah held 14.35% stake in Bombay Dyeing as on December 31, 2016. Shares of Bombay Burmah gained 13% to `806.80 on Monday while that of Bombay Dyeing gained 2% to `59.30.
Nusli Wadia-led promoters and Bombay Burmah jointly own 53.69% stake in Bombay Dyeing. Last month Bombay Burmah raised about `50 crore by issuing commercial paper for 90 days.
The company's board, last October, approved the proposal for raising funds up to `250 crore through issue of commercial paper or non-convertible debentures (NCDs).
Bombay Burmah held 14.35% stake in Bombay Dyeing as on December 31, 2016. Shares of Bombay Burmah gained 13% to `806.80 on Monday while that of Bombay Dyeing gained 2% to `59.30.
Nusli Wadia-led promoters and Bombay Burmah jointly own 53.69% stake in Bombay Dyeing. Last month Bombay Burmah raised about `50 crore by issuing commercial paper for 90 days.
The company's board, last October, approved the proposal for raising funds up to `250 crore through issue of commercial paper or non-convertible debentures (NCDs).
