Bombay Rayon Fashions Limited informed the exchanges Monday that BRFL Textiles Private Limited (BTPL) has executed the Share Subscription Agreement & Shareholders Agreement on November 20, 2020, with the company along with JM Financial India Trust II – JM Financial India Fund II (Investor I). JM Financial Products Limited (Investor 2) and TIMF Holdings (Think Investments) (Investor 3).
The investors would invest ~Rs205cr in BTPL by way or subscribing for the equity shares and cumulative convertible preference shares subject to necessary approvals as may be required and fulfilment of closing conditions.
The company had informed on September 2, 2020 about the slump sale of its Tarapur Undertaking to BTPL a newly incorporated wholly owned subsidiary of the company.
The company stock was in demand in morning trade on Tuesday. At around 10.50 am, each Bombay Rayon Fashions Ltd stock was trading at Rs13.81 per piece up by Rs0.7 or 5.34% on the BSE.