S Kumar stock jumps on plans to sell Reid and Taylor

Business

oi-Sunil

By Sunil Fernandes

| Updated: Monday, March 25, 2013, 10:15 [IST]

Shares in S Kumar's Nationwide jumped 4 per cent, after reports that the company plans to sell-off its Reid and Taylor brand.

The stock was last traded at Rs 8.90, up 4 per cent on the Bombay Stock Exchange.

"Fifteen years after launching it in India, the cash strapped promoters of S Kumars Nationwide Limited - led by Nitin Kasliwal - is planning to sell a controlling stake in the company and deleverage the balance sheet," the Economic Times reported.

According to the report , a mandate has been given out already and a formal process is expected to get launched in the coming weeks.

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