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Business News/ Companies / People/  Vardhaman Textiles to spin off steel biz
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Vardhaman Textiles to spin off steel biz

Reuters

Vardhaman Textiles to spin off steel biz

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Mumbai: Vardhaman Textiles Ltd said on Monday it will spin off its steel business and merge it with its unit, Vardhaman Special Steels Ltd.

Shareholders will get one share of Vardhaman Steel for every five held in Vardhaman Textiles, which makes spun yarn.

Vardhaman Textiles plans to list the steel unit on the stock exchanges, it said.

SSPA & Co Chartered Accountants were the valuers of the deal while KPMG was the external adviser, it added.

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Published: 19 Jul 2010, 02:41 PM IST
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