BackWest Asian firm may buy Winsome Yarns’ knitting unit
Winsome did not disclose details of the West Asian company or the potential valuation of its knitting division
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Mumbai: Winsome Yarns Ltd on Monday said a West Asian apparel manufacturer has shown interest in buying its knitting division.
Winsome Yarns, among India’s largest producers of melange yarn for circular knitting, socks, weaving and knitwear, informed BSE it received a letter of intent from “a leading apparel manufacturing company with operations based out of various locations in Middle East expressing their intent for acquisition of the company’s knitting division".
Winsome did not disclose details of the West Asian company or the potential valuation of its knitting division.
“The company has initiated required steps to facilitate the transaction," Winsome Yarns said.
Last month, Winsome Yarns said it had mandated a Singapore-based merger and amalgamation consultant to scout for a joint venture partner or strategic investor for its knitting division.
In May, the company had decided to undertake an internal restructuring to improve efficiency and improve its financial management. Its board authorized managing director Manish Bagrodia to discuss the matter with consultancy firms.
At 11.26am, Winsome Yarns was trading at ₹ 6.19 a share on BSE, up 4.22% from its previous close, while India’s benchmark Sensex index was down 0.54% at 20,403.71 points.
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