Bombay Rayon to buy Italian retail business for Rs210 crore

Bombay Rayon to buy Italian retail business for Rs210 crore
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First Published: Thu, Apr 24 2008. 02 37 PM IST
Updated: Thu, Apr 24 2008. 02 37 PM IST
PTI
Mumbai: Textile firm Bombay Rayon Fashions said on 24 April its Netherlands-based subsidiary will acquire the brand Guru and other related retail business from Italian firm Jam Session Holdings Srl for €33 million (Rs210 crore).
The company informed the Bombay Stock Exchange that its subsidiary BRFL Europe BV Netherlands has entered into an understanding with the Italian firm for the purpose.
The company would acquire the brand and business by exercising the call or put option within 42 months and till then operate on lease basis, it added.
Further, a scheme of amalgamation of its wholly-owned subsidiary Leela Scottish Lace Pvt Ltd into the company has been approved by the Board of directors, subject to necessary approvals, the filing added.
Shares of Bombay Rayon Fashions were trading at Rs378.50, down 2.7% in the afternoon trading session on the BSE.
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First Published: Thu, Apr 24 2008. 02 37 PM IST