Mayur Uniquoters Corp, USA invests in Futura Textiles Inc

Mayur Uniquoters Corp, USA, Wholly Owned Subsidiary of the Company has invested in the Futura Textiles Inc, by way purchase of 4,50,000 shares equivalent to 68.18% paid up capital of the Futura Textile Inc. Post Completion of this purchase of shares, Futura Textile Inc will become Step Down Subsidiary of Mayur Uniquoters Limited.

This transaction is between Mayur Uniquoters Corp.(wholly owned Subsidiary of Mayur Uniquoters Limited ) and Futura Textiles Inc. and by the operation of this transaction, Futura Textiles Inc will be treated as Step Down Subsidiary of the Mayur Uniquoters Limited. Mayur Uniquoters Limited is not involved in the transaction per se.

Mr. Arun Kumar Bagaria, Executive Director of Mayur Uniquoters Limited is also holding directorship in Mayur Uniquoters Corp (Acquirer) and Futura Textiles Inc.(Target Company).

The acquisition is for the Expansion of the business in retail and wholesale market in USA. After acquisition of 4,50,000 shares, Target Company will become the Subsidiary Company of Mayur Uniquoters Corp.

Futura Textiles Inc. will be treated as Step Down Subsidiary of Mayur Uniquoters Limited.

After acquisition of above mention shares Mayur Uniquoters Corp become a holding company (i.e. 68.18%) of Futura Textiles Inc.

The Target Company is mainly engaged in the business of Retail and Whole sale trading of Upholstery of PVC Vinyl / Artificial Synthetic leather. The Target Company has presence in USA.

Shares of MAYUR UNIQUOTERS LTD. was last trading in BSE at Rs.345.1 as compared to the previous close of Rs. 347.75. The total number of shares traded during the day was 1145 in over 44 trades.

The stock hit an intraday high of Rs. 347.8 and intraday low of 343.6. The net turnover during the day was Rs. 395773.

Source : Equity Bulls

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