Grabal Alok to up stake in UK's Hamsard to 75%

New Delhi, Dec 19 (UNI) Textiles firm Grabal Alok Impex Ltd today said it will invest eight million pounds to increase its stake in the United Kingdom-based retailer Hamsard 2353 Ltd to 75 per cent by purchasing the latter's equity shares and convertible bonds.

The company will make the investment via its wholly-owned subsidiary Grabal Alok International Ltd (GAIL, BVI), which already holds 26 per cent equity stake and two million dollar worth of convertible bonds in Hamsard.

The board of directors of the company will meet on December 20 for considering the proposed investment by way of preference shares.

The investment is also subject to necessary approvals from the concerned authorities, the company said in a statement.

Grabal Alok jointly promoted by Alok Industries and Grabal Embroideries of Austria, deals in manufacturing of high-end embroidery products for the overseas and domestic markets.

UNI CS PV DS1245