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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-based vertically integrated textile group, Vardhman Textiles Limited, has sealed a share sale and purchase agreement ("SPA"), an amended and restated shareholders agreement, and other incidental and ancillary agreements (collectively called "Transaction Documents") envisaging sale of 2,28,02,541 equity shares held by the Company in Vardhman Yarns and Threads Limited (VYTL) aggregating to 40 per cent of the issued, subscribed and paid-up equity share capital of VYTL to American & Efird Global, LLC (A&E Global) subject to fulfillment of certain ...