AV Cottex proposes to acquire Euro Cotspin Ltd

AV Cottex Ltd has announced that the Company had approached Punjab National Bank, Chandigarh, the authorized representative of all the secured creditors, for acquiring a running Industrial undertaking having most modern spinning machineries with the capacity of 25200 spindles of Euro Cotspin Ltd (ECL), at Lalru. Punjab, a Company engaged in the business of manufacturing of yarn, under SARFAESI Act at Rs 2900 Lacs. The said proposal has been approved, in principle by the secured creditors and the Company has made the payment of 25% of the total consideration amount i.e. Rs 725 Lacs.

Further the Company has informed that, the Company has also purchased a Cement Plant of Pan Asia Industries Ltd located at Bheslana Village, through Recovery Officer, DRT, Mumbai & Bank of India for a consideration of Rs 50 lacs.

Source : Equity Bulls

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