GIC to invest Rs 900 Crores in S Kumars Nationwide arm Reid & Taylor India Ltd

S.Kumars Nationwide Ltd (SKNL) has announced that SKNL's wholly owned unlisted subsidiary Reid & Taylor (India) Ltd, to which Reid and Taylor Division was spun off, has just concluded an agreement with Indivest Pte Ltd, an affiliate of GIC Special Investments ("GIC SI") whereby GIC SI will invest Rs 900 crores in Reid & Taylor through a fresh issue of shares and warrants. Post-conversion, GIC SI would own 25.4% of Reid & Taylor, valuing it at Rs 3,540 crores. The Company will own 74.6% of Reid & Taylor (India) Ltd post the investment from GIC SI.GIC SI investment in Reid & Taylor will help to substantially strengthen Reid & Taylor and SKNL's business and their ability to grow in the luxury fabric and apparel and other textile segments of the textile industry, where it is already a market leader.The stock closed the day at Rs.106.55, up by Rs.0.60 or 0.57%. The stock hit an intraday high of Rs.108.70 and low of Rs.105.05.The total traded quantity was 150826 compared to 2 week average of 302917.