Bombay Dyeing locked at 5% upper circuit on closure of subsidiary

There were pending buy orders of 145,158 shares, with no sellers available.

Share price of Bombay Dyeing and Manufacturing Company locked at 5 percent upper circuit on closure of loss making subsidiary.

There were pending buy orders of 145,158 shares, with no sellers available.

The company has given its consent by signing the shareholder's resolution of its subsidiary in Indonesia i.e. PT Five Star Textile Indonesia on December 17, 2018 for closure of the same.

This is in line with the strategic move to close this subsidiary, as it was incurring losses for many years, said company.

All the financial risks related to this subsidiary have been provisioned in the past years reported financials, it added.

At 09:44 hrs Bombay Dyeing and Manufacturing Company was quoting at Rs 115.10, up Rs 5.45 percent on the BSE.

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