Janana De Malucho Textile Mills Limited agreed to acquire remaining stake in Babri Cotton Mills Limited for approximately PKR 230 million.

Janana De Malucho Textile Mills Limited (KASE:JDMT) agreed to acquire remaining stake in Babri Cotton Mills Limited (KASE:BCML) for approximately PKR 230 million on October 24, 2020. As per terms of transaction, 1 share of Janana De Malucho Textile Mills Limited for every 1.438266 share of the Babri Cotton Mills Limited. Post completion, Babri Cotton Mills Limited will merge into Janana De Malucho Textile Mills Limited.

As of October 24, 2020, transaction is approved by the board Babri Cotton Mills Limited. As on March 13, 2021, transaction is approved by the shareholder of Babri Cotton Mills Limited.