Date:27/12/2005 URL: http://www.thehindubusinessline.com/2005/12/27/stories/2005122702401500.htm

Back UTI Ventures picks up 10.7 per cent in Suryalakshmi Cotton

Our Bureau

Mumbai , Dec. 26

UTI Venture Funds has picked up 10.7 per cent stake in Suryalakshmi Cotton Mills Ltd (SCML) for Rs 34.99 crore.

The stake acquisition is through a preferential issue of 14.28 lakh equity shares at Rs 245 per share, according to a press release issued by the company.

The company plans to use the funds to part finance its expansion plans.

It has already received a sanction from IDBI for a term loan of Rs 70 crore under the Technology Upgradation Fund Scheme for its ongoing expansion of denim and spinning division, the release informed.