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Vardhman Textiles dilutes 40% in Vardhman Yarns and Threads

The proceeds from the stake sale would be used for expansion purpose in yarn and fabric manufacturing

Varhman Textiles dilutes 40% stake in Vardhaman Yarns and Threads arm, may invest the divested amount in both organic and inorganic expansion

Ludhiana-basedverticallyintegratedtextilegroup,VardhmanTextilesLimited,hassealedasharesaleandpurchaseagreement("SPA"),anamendedandrestatedshareholdersagreement,andotherincidentalandancillaryagreements(collectivelycalled"TransactionDocuments")envisagingsaleof2,28,02,541equitysharesheldbytheCompanyinVardhmanYarnsandThreadsLimited(VYTL)aggregatingto40percentoftheissued,subscribedandpaid-upequitysharecapitalofVYTLtoAmerican&EfirdGlobal,LLC(A&EGlobal)subjecttofulfillmentofcertain ...