Tiles-maker Somany Ceramics today said it has signed an MoU to acquire a 26% stake in Vintage Tiles.
"The company has entered into a Memorandum of Understanding (MoU) with Vintage Tiles Private Limited (VTPL) and its promoters to acquire a 26% equity stake in VTPL," Somany Ceramics said in a filing to the BSE.
The company, however, did not provide any financial details on the proposed stake acquisition.
VTPL is at an advanced stage of setting up a new plant to manufacture about 7,500 square metres of polished vitrified tiles per day at Morbi (Gujarat), it added.
This strategic stake purchase shall allow the company to market the entire quantity of polished vitrified tiles to be manufactured by VTPL, Somany Ceramics said.
Shares of Somany Ceramics were being quoted at Rs 48 apiece in afternoon trade on the BSE, up 5.61% from their previous close.
