Bombay Dyeing spurts on stake sale buzz

Bombay Dyeing & Manufacturing Company surged 16.12% to Rs 61.95 at 10:54 IST on BSE on a media report that three global private equity firms are in talks to jointly acquire up to 24% stake in the company.

Meanwhile, the BSE Sensex was down 203.80 points, or 1.02%, to 19,712.15.

On BSE, 9.29 lakh shares were traded in the counter compared with average volume of 1.24 lakh shares in the past one quarter.

The stock hit a high of Rs 62.50 and a low of Rs 57.10 so far during the day. The stock hit a 52-week low of Rs 37.25 on 7 August 2013. The stock hit a 52-week high of Rs 139.85 on 1 January 2013.

The stock had outperformed the market over the past one month till 4 October 2013, rising 18.82% compared with the Sensex's 7.26% rise. The scrip had, however, underperformed the market in past one quarter, falling 15.45% as against Sensex's 2.60% rise.

The small-cap company has an equity capital of Rs 41.30 crore. Face value per share is Rs 2.

According to the report, at least three global private equity firms are in talks to acquire up to 24% stake jointly in the company. The deal could be valued at over Rs 500 crore, the report said, adding that the exclusivity period of the due diligence is likely to end in next few days.

Bombay Dyeing & Manufacturing Company reported a net loss of Rs 27.57 crore in Q1 June 2013 as against net loss of Rs 27.50 crore in Q1 June 2012. Net sales rose 8.54% to Rs 516.37 crore in Q1 June 2013 over Q1 June 2012.

Bombay Dyeing & Manufacturing Company manufactures cotton textiles and non-woven fabrics.

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