Shares of Bombay Dyeingtoday surged nearly 18 per cent following reports that at least three global private equity firms are in talks to jointly acquire up to 24 per cent stake in the company.
Reacting to this, Bombay Dyeing's scrip opened the day on a positive note and as the trade progressed it further jumped 17.15 per cent to Rs 62.50 on the BSE.
At the NSE, the stock climbed 17.71 per cent to Rs 62.80.
According to merchant banking sources, the deal could be valued at over Rs 500 crore.
Sources said the PE firms eyeing the stake include big global names like WL Ross, Sequoia Capital and JC Flowers.
Meanwhile, in a regulatory filing to the stock exchanges today, Bombay Dyeing said, "We have no comments to offer on the report which is totally baseless, speculative and unsubstantiated."