Lux Industries Limited completed the acquisition of J.M.Hosiery & Co. Limited and Ebell Fashions Private Limited.
April 25, 2021
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Lux Industries Limited (NSEI:LUXIND) agreed to acquire J.M.Hosiery & Co. Limited and Ebell Fashions Private Limited on March 13, 2018. Lux Industries Limited entered into scheme of merger with J.M.Hosiery & Co. Limited and Ebell Fashions Private Limited on June 26, 2018. Under the terms, Lux Industries Limited will issue 1142 equity shares for every 100 Equity Shares of INR 10 each fully paid up of Ebell Fashions Private Limited and 29 equity shares to be issued for every 100 Equity Shares of INR 10 each fully paid up of J.M.Hosiery & Co. Limited.
As on March 31, 2017, J.M.Hosiery & Co. Limited reported total asset of INR 2.3 billion, net asset of INR 750.5 million and turnover of INR 2.5 billion and as on March 31, 2017, Ebell Fashions Private Limited reported total asset of INR 892.6 million, net asset of INR 307.2 million and turnover of INR 1.65 billion. The deal is subject to sanction by the respective shareholders of Lux Industries Limited, J.M.Hosiery & Co. Limited and Ebell Fashions Private Limited involved in the scheme and requisite statutory and regulatory approvals as required under the law. The transaction has been approved by the Board of Directors of Lux Industries Limited, J.M.Hosiery and Ebell Fashions. Committee of Directors consisting Nandanandan Mishra, Pradip Kumar Todi and Kamal Kishore Agrawal is constituted to evaluate the transaction. As on February 13, 2020, the regulatory approval is still pending. As on March 25, 2021, National Company Law Tribunal Learned Bench sanctioned this scheme. The transaction is EPS accretive for Lux Industries Limited.
Lux Industries Limited (NSEI:LUXIND) completed the acquisition of J.M.Hosiery & Co. Limited and Ebell Fashions Private Limited on April 26, 2021.
Lux Industries Limited is an India-based company, which is primarily engaged in the business of manufacturing knitted garments. The Company's products include men's, women's and kids' innerwear, winterwear, socks and slacks for women in varied colors and designs. Its products for men include vests, gym vests, briefs, boxers, shorts, hoodies and sweatshirts, tracks, capri and t-shirts, among others. Its products for women include t-shirt, round neck t-shirt, leggings, indo-western bottoms, lounger and pyjamas, track pants, shorts, bra and panties, among others. Its products for kids include vests, drawers and trunks, printed t-shirt, high neck t-shirt and round neck t-shirt, among others. Its brands include Lux Cozi, ONN, GenX, Lyra, Lux Infero, Lux Venus, Lux Cott's Wool, One 8, Lux Cozi Big Shot, Lux Venus Classic, Lux Cozi Glo, Lux Nitro, Lux Cozi Her, Lux Touch, Lux Karishma and Lux Mozze. The Company has operations in India and caters to both domestic and international markets.