Sutlej Textiles up on board nod to buy Birla Textile Mills

The board has approved the acquisition of Birla Textile Mills as ongoing concern from Chambal Fertilisers and Chemicals Ltd, on a slump sale basis

Shares of Sutlej Textiles & Industries were up over 2% at Rs 346 after the company in a release today said it's board of directors has approved acquisition of Birla Textiles Mills as ongoing concern from Chambal Fertilisers and Chemicals Ltd, on a slump sale basis.

Birla Textile Mills is a division of Chambal Fertilisers and Chemicals Ltd located in Baddi, Himachal Pradesh.

The aforesaid transaction is subject to requisite approvals as may be required, the release added.

The stock opened at Rs 342 and touched a high of Rs 350. At 11:30AM, over 600 shares were traded on both the stock exchanges.