Textile manufacturer Trident today said Lotus Integrated Texpark Ltd (LITL) has become an associate firm of the group after it picked up stake in the company for Rs 25 crore in an all cash deal.
"The company has today received intimation of allotment from LITL with respect to allotment of 2,50,00,000 equity shares pursuant to participation in rights issue of LITL," Trident Ltd said in a BSE filing.
The company acquired the shares at Rs 10 each and said post the acquisition of the stake, LITL has become an associate company of Trident Ltd.
The acquisition of LITL would help in forward/backward integration of textile business of the company, it said.
Incorporated in 2006 LITL is engaged in the field of textiles.
It had a turnover of Rs 142.03 crore in FY 2014-15.
