UTI Venture Fund takes 10.7% stake in Suryalakshmi

UTI Venture Funds has acquired 10.7% stake in Suryalakshmi Cotton Mills for Rs 35 crore.

According to a release issued by Suryalakshmi Cotton Mills today, the board of directors approved a proposal to issue 14,28,300 equity shares, on a preferential basis, to UTI Venture Funds at Rs 245 per share.

The company has already received sanction from IDBI for a term loan of Rs 70 crore under the technology upgradation fund for its ongoing expansion plans, the release added.