Home > Industry News > Bombay Dyeing rises 5% as board gives nod for closure of subsidiary
Bombay Dyeing rises 5% as board gives nod for closure of subsidiary
The closure of the Indonesian subsidiary is expected to be completed on December 31, 2018.
Shares of Bombay Dyeing & Manufacturing Company were trading 5% higher on Tuesday after the company’s board approved a proposal for closure of its subsidiary PT Five Star Textile Indonesia.
"The Company has given its consent by signing the Shareholder's Resolution of its subsidiary in Indonesia, i.e., PT Five Star Textile Indonesia on Dec 17, 2018, for the closure of the same," the company said in a press note after market hours to the exchanges on Monday.
The decision comes on account of the subsidiary incurring losses for many years, the company added. The closure of the Indonesian subsidiary is expected to be completed on Dec 31, 2018.
Bombay Dyeing & Manufacturing Company Ltd’s share price is currently at Rs115.10, up by Rs5.45 or 4.97%, from its previous close of Rs109.65 on the BSE.
The scrip opened at Rs111.90 and has touched a high and low of Rs115.10 and Rs111.50, respectively. So far, 11,59,436 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs2,264.66cr.