Vardhaman Textiles to spin off steel biz

Vardhaman Textiles to spin off steel biz
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First Published: Mon, Jul 19 2010. 02 41 PM IST
Updated: Mon, Jul 19 2010. 02 41 PM IST
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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First Published: Mon, Jul 19 2010. 02 41 PM IST