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Lux board nod to merger of promoter companies

Tuesday, July 3, 2018, 10:29 AM

The board of hosiery major Lux Industries has approved the merger of two promoter group companies, J M Hosiery and Ebell Fashions in a non-cash deal at a combined valuation of Rs.861 crore. This deal, according to the company, will help minority shareholders to unlock value in the long-term. The profits of three companies post-merger will be around Rs.79 crore.

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