October 7, 2013 / 6:45 AM / 4 years ago

UPDATE 1-MARKET EYE-India's Bombay Dyeing surges on stake-sale report

(Adds company comments) * Shares of Bombay Dyeing and Manufacturing Co Ltd rise as much as 17.7 percent on a local media report that at least three private equity funds are in talks to buy up to a 24 percent stake in the company. * WL Ross, Sequoia Capital and JC Flowers are in talks with Bombay Dyeing to invest at least 5 billion rupees ($81.1 million), according to a Press Trust of India (PTI) report carried by the Business Standard newspaper on Monday. * "We have no comments to offer on the newspaper report which is totally baseless, speculative and unsubstantiated," Bombay Dyeing said in a statement to the exchange on Monday. * The private equity funds were not immediately reachable for comments. * Shares of Bombay Dyeing gain 14.9 percent at 61.20 as of 0634 GMT. They earlier hit a high of 62.80 rupees. ($1 = 61.6900 Indian rupees) (indulal.p@thomsonreuters.com/ indulal.p.thomsonreuters.com@reuters.net)

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