S.P. Apparels Limited completed the acquisition of an unknown majority stake in Young Brand Apparel Private Limited from Bannari Amman Spinning Mills Ltd.
June 21, 2024
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S.P. Apparels Limited (NSEI:SPAL) agreed to acquire an unknown majority stake in Young Brand Apparel Private Limited from Bannari Amman Spinning Mills Ltd (NSEI:BASML) for INR 950 million on February 5, 2024. The consideration consists of INR 950 million in cash. As part of the consideration, INR 950 million was paid towards common equity. The deal is approved by the board of directors of Bannari Amman Spinning Mills Ltd (NSEI:BASML). The transaction is subject to necessary Statutory, Regulatory and other Compliance/approvals.It is expected to complete on May 31, 2024. The shareholders of Bannari Amman Spinning Mills Ltd (NSEI:BASML) have approved the transaction on March 11, 2024.
S.P. Apparels Limited (NSEI:SPAL) completed the acquisition of an unknown majority stake in Young Brand Apparel Private Limited from Bannari Amman Spinning Mills Ltd (NSEI:BASML) on June 21, 2024.
S.P.Apparels Limited is an India-based manufacturer and exporter of knitted garments for infants and children. The Company provides end-to-end garment manufacturing services from grey fabric to finished products. It manufactures wearing apparel; preparation and spinning of textile fiber, including weaving of textiles, as well as finishing of textile excluding khadi/handloom. The Company operates approximately 21 factories. The Companyâs subsidiaries include Crocodile Products Private Limited, S.P. Apparels (UK) (P) Limited and S.P.Retail Ventures Limited. Crocodile Products Private Limited is engaged in the business of, inter alia, establishing and managing units to manufacture, trade, deal, import and export garments, and manufacturing, distribution and marketing of menswear products under the trademark Crocodile in India. S.P. Apparels (UK) (P) Limited is engaged in trading activities with customers in the United Kingdom, Ireland and other European countries.
S.P. Apparels Limited completed the acquisition of an unknown majority stake in Young Brand Apparel Private Limited from Bannari Amman Spinning Mills Ltd.