Bombay Dyeing rubbishes reports on stake sale to Blackstone

13 Sep 2007

Bombay Dyeing today refuted reports that the Wadia Group was contemplating selling a stake to private equity funds, to finance the expansion of its real estate, retail and aviation businesses.

The Wadias own approximately 43 per cent in their flagship venture, Bombay Dyeing, followed by institutions holding just over 30 per cent. The public holding in the company is 20.5 per cent, while corporate and other holdings are around own 4.2 per cent and 2.1 per cent, respectively.

"The newspaper report is totally baseless, speculative and unsubstantiated," Bombay Dyeing said. "We may add that the newspaper has opted to go ahead with the story despite a categorical denial from the company," it added.

The paper had said that the Wadias were looking at offloading a little less than 15 per cent in Bombay Dyeing to private equity funds, though said that the company had denied it and Blackstone''s India head was non-committal.