Moneycontrol News
Donear Industries share price rallied more than 7 percent intraday Tuesday after its group company bought polyester-viscose fabric maker from Grasim.
Grasim Industries informed exchanges that it has entered into a definitive agreement for divesting its total investment in Grasim Bhiwani Textiles (GBTL) to Rajendra Synthetics Private Limited, Mumbai (part of Donear Group).
GBTL is primarily engaged in the business of manufacturing and marketing of polyester-viscose fabric.
"Given the size of Grasim's total operations, GBTL's divestment will have negligible impact on company's financials," Grasim said in its filing.
Grasim Bhiwani Textiles contributes a very small proportion of Grasim's consolidated financials with a revenue/EBITDA share of less than 1 percent.
Donear Group is in the textile business for the last 30 years and for it, the GTBL business will form part of their core business.
At 11:28 hours IST, the stock price was quoting at Rs 76.30, up Rs 1.95, or 2.62 percent on the BSE.
Posted by Sunil Shankar Matkar
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
