Raymond's Arm Enters Into Definitive Agreement With T B Kawashima Company, Japan (10-Dec-2011)
Raymond's wholly owned subsidiary - Silver Spark Apparel has entered into definitive agreements on December 08, 2011 to divest its entire equity holding of 7,40,000 equity shares of Rs 10 each (one third of the total share capital) held in the joint venture company - Rayves Automotive Textile Company to T B Kawashima Company, Japan.
The transfer of the equity holdings in the aforesaid entity will take effect on completion of all legal formalities on or before December 20, 2011.
Raymond is the largest integrated manufacturer of worsted fabric in the world. The company has three divisions' viz., textiles, engineering and aviation.
The company's net profit for the quarter fell 7.55% at Rs 36.22 crore as compared to Rs 39.18 crore for the quarter ended September 30, 2010. Total income has increased by 26.41% to Rs 503.78 crore for the quarter under review from Rs 398.53 crore for the similar quarter of the previous year.
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