Winsome Yarns Ltd, a Chandigarh-based yarn manufacturing company, is in advanced stages of negotiation with two parties who intend to acquire majority stake in the knitting division of the company, as per a stock market disclosure.
"The company has accorded its mandate to a Singapore based Merger & Amalgamation Consultant to scout for a joint venture partner or strategic Investor for its knitting division. Discussions are in the advanced stage with two parties who intend to acquire majority stake in knitting division of the company," Winsome Yarns said in the filing.
Founded in 1990, Winsome Yarns is a part of Kolkata-based Winsome Group, offers raw white yarn, melange yarn, dyed yarn and knitwear. It’s a small cap public listed firm.
In May 2013, the firm had decided to undertake an internal restructuring in order to improve efficiency and achieve better financial management.
Three years ago, it had raised funding through a preferential allotment to both promoters and non-promoters.
(Edited by Joby Puthuparampil Johnson)