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ReturnIndia: Acquisition talk lifts Eastern Silk
Author：
admin
PublishDate：
2007-12-12 14:53:00
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238
Eastern Silk has begun moving up on market talk that it is close to taking over a European company. The silk yarn-to-fabric manufacturer as also exporters of fabrics, made ups and home furnishings, has already lined up a plan for overseas fund raising to the tune of $ 100 million. The stock on Monday shot up to over Rs 244, but finished at Rs 238 with a gain of 4.6 per cent. A week ago it was at Rs 216.
A company official confirmed to Business Line that negotiations were on with a European silk outfit, but declined to divulge the details now as it might jeopardise the process.
New units
Eastern Silk is also in the process of setting up its fourth unit, exclusively for home furnishing made-ups. Eastern Silk is exploring the possibility of entry into certain new products such as inner garments and fashion items.
It is also drawing up a broad domestic retail plan and a silk textiles park project. After its recent entry, Goldman Sachs (5.72 per cent) has become second biggest non-promoter investor after IL&FS (8.86 per cent).
Source:Industry Website
A company official confirmed to Business Line that negotiations were on with a European silk outfit, but declined to divulge the details now as it might jeopardise the process.
New units
Eastern Silk is also in the process of setting up its fourth unit, exclusively for home furnishing made-ups. Eastern Silk is exploring the possibility of entry into certain new products such as inner garments and fashion items.
It is also drawing up a broad domestic retail plan and a silk textiles park project. After its recent entry, Goldman Sachs (5.72 per cent) has become second biggest non-promoter investor after IL&FS (8.86 per cent).
Source:Industry Website
