Winsome Yarns Ltd, a Chandigarh-based yarn manufacturing company said that it has mandated a Singapore-based merger and amalgamation (M&A) consultant to scout for a joint venture partner or strategic investor for its knitting division.
In the filing to the BSE, Winsome Yarns said that the discussions are in advanced stages of negotiation with two parties who intend to acquire majority stake in the knitting division of the company.
In May 2013, the firm had decided to undertake an internal restructuring in order to improve efficiency and achieve better financial management
Three years ago, Winsome had raised funding through a preferential allotment to both promoters and non-promoters.
Founded in 1990, Winsome Yarns is a part of Kolkata-based Winsome Group, offers raw white yarn, melange yarn, dyed yarn and knitwear. Itâ€™s a small cap public listed firm.
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