Bombay Dyeing surges over 16 pct on stake sale report

Reuters Market Eye - Shares of Bombay Dyeing and Manufacturing Co rise as much as 17.7 percent on a local media report that at least three private equity funds are in talks to buy up to a 24 percent stake in the company.

WL Ross, Sequoia Capital and JC Flowers are in talks with Bombay Dyeing to invest at least 5 billion rupees, according to a Press Trust of India (PTI) report carried by the Business Standard newspaper on Monday.

A company spokesman was not immediately available to comment when contacted by Reuters. The private equity funds were also not immediately reachable for comments.

 

Shares of Bombay Dyeing are up 16.2 percent as of 10:56 a.m. They earlier hit a high of 62.80 rupees.

(Reporting by Indulal P)