Mumbai,:
An Indian-based textile company in a filing with stock exchanges said it has received a proposal from Apple Insurance Incorporate, Kenya to pick up 24% holding in the company by way of preferential allotment and open market purchases. The textile company will issue 15% voting rights of the company to the Kenyan insurer. The Kenyan firm will buy the remaining 9% equity in Supreme Tex Mart from the open market at the going rate, the company said in its filing.
Incorporated in 1982, Supreme Tex Mart is a loss making company and has been in red for the past four quarters sequentially. It has business interests in manufacturing and marketing of yarns, fabrics and garments. It owns the Venus Woolen Mill in Ludhiana. The company has a installed spinning capacity of72,000 spindles and has recently installed a 720 rotor facility for producing open end yarns.
For the second quarter ended September last, the company has been making losses.
