Spentex Industries denies European acquisition news

With reference to the news item appearing in a leading financial daily titled "Spentex acquire European yarn-maker", Spentex Industries Ltd has clarified that the Company or its subsidiaries have not entered into any kind of agreement as published in the news item. The Company is still in the process of evaluating the acquisition opportunity and hope to reach an agreement soon.

The Company hoping to get this agreement in-principally finalized by June 30, 2007 and are having a Board meeting on June 30, 2007 to evaluate the opportunities and ask for approval from the Board.

The stock closed the day at Rs.38.20, up by Rs.0.30 or 0.79%. The stock hit an intraday high of Rs.40.80 and low of Rs.38. The total traded quantity was 91959 compared to 2 week average of 12181.

Source : Equity Bulls

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