Birla hikes stake in Digjam

The SK Birla Group has acquired a 3.6 per cent additional stake in Digjam from Asset Reconstruction

Co (Arcil) taking its holding to 30.4 per cent. Loss-making Digjam, formerly known as Birla VXL, manufactures fabric for suits and casual wear and exports over half of its production.

The SK Birla Group is open to pick up more stake in the open market under Sebi rules. Under market regulator Sebi’s acquisition norms, promoters can hike holdings by up to five per cent through market purchase in a year without having to come out with an open offer to buy shares from the public. The promoters picked stake sold by Arcil through bulk deals at the stock exchange at a price of Rs 11.03.

The Birla Group is the foremost Indian industrial conglomerate. And it comes as no surprise that they are one of the strong pillars holding up the Indian economy today.