Mudra Lifestyle today said South Korea based E-Land Fashion China Holdings Ltd has acquired additional 20.84% stake in it through open market taking the total stake to 65.84%.
On August 23, the Korean firm has bought one crore shares of Mudra Lifestyle representing 20.84 per cent equity, Mudra Lifestyle said in a filing to the Bombay Stock Exchange.
While the company did not provide the value of the shares purchase, based on the closing price of the company's scrip of Rs 23.85 per share, the deal is estimated to be worth around Rs 23.85 crore.
In July this year, E-Land Fashion China Holdings had purchased 20% stake in Mudra Lifestyle for Rs 57.58 crore through an open offer, taking the total stake to 45%.
In October last year E-Land Fashion China Holdings had acquired 25% stake in Mudra Lifestyle through a preferential share allotment.
As per the agreement, E-Land Fashion China Holdings could take its holding to 66% in the company.
A part of the Mudra Group, Mudra Lifestyle manufactures fabrics and garments.
E-Land Fashion China Holdings designs, distributes and markets women's casual wear brands predominantly through its directly managed shops in department stores.
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