The Competition Commission has approved the Rs 233-crore deal for the acquisition of Birla Textile Mills (BTM) by Sutlej Textiles and Industries.The consideration for purchase of BTM from Chambal works out to be Rs 232.63 crores (including net current assets) subject to closing and other adjustments, if any. The Competition Commission of India (CCI) has communicated its approval.
Birla Textile Mills is the textile division of Chambal Fertilisers and Chemicals located at Baddi, Himachal Pradesh. Birla Textile Mills is well equipped with most modern state of the art textile machineries and sophisticated quality control equipment.
Sutlej Textiles and Industries, the flagship company of the KK Birla Group, had received the approval from its board of directors to acquire Birla Textile Mills in March this year.
On June 12, 2015, Sutlej Textiles and Industries closed at Rs 343.60, down Rs 6.4, or 1.83 per cent. The 52-week high of the share was Rs 445.45 and the 52-week low was Rs 292.30.
The company's trailing 12-month EPS was at Rs 70.48 per share as per the quarter ended March 2015. The stock's price-to-earnings ratio was 4.88. The latest book value of the company is Rs 352.78 per share. At current value, the price-to-book value of the company is 0.97.
www.birlatextile.com/
