RSWM Ltd to acquire Cheslind Textiles Ltd

RSWM Ltd has announced that the Board of Directors of the Company at its meeting held on March 19, 2007, has announced interim dividend @ 30% i.e. Rs 3/- on every Equity Share of Rs 10/- each for the financial year 2006-07.

The Company has further informed that the Board of Directors has also approved to enter into a Share Purchase Agreement with the Promoters of M/s Cheslind Textiles Ltd for acquisition of 1,11,25,217 fully paid equity shares of the Company constituting 48.17% of the total subscribed and paid up capital of the Company @ Rs 25/- per share.

The equity shares of RSWM Ltd was trading at Rs.88.90, up by Rs.4.35 (+5.14%) compared to its previous close of Rs.84.55. The equity shares of Cheslind Textiles Ltd was trading at Rs.21.65, up by 5.10% (Rs.1.05) compared to its previous close of Rs.20.60. The stock hit an intraday high of Rs.23.40 and low of Rs.20.70. The total traded quantity in BSE was 105119 shares at a weighted average price of Rs.21.78.

Source : Equity Bulls

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