Textile firm Bombay Dyeing & Manufacturing Co Ltd has denied media reports that private equity firms including Blackstone are vying for a 15% stake in the company.

The allegations, which appeared in a newspaper yesterday (13 September) have been described as "totally baseless, speculative and unsubstantiated."

In a statement to the Bombay Stock Exchange, Bombay Dyeing added that it categorically denied the story.

Last month US private equity firm Blackstone bought a majority stake in India's largest garment manufacturer and exporter, Gokaldas Exports.