Deepak Nitrite has increased its stake in Aryan Pesticides, which is based in Raigad in Maharashtra, from 47 per cent to 77 per cent. The promoters increased their stake through two round of open offers, priced at Rs 15 a share and other statutory routes.
There is no immediate plan to buy out additional shares from the public, who hold around 23 per cent in Aryan Pesticides.
Following the stake hike, Deepak Nitrite has decided to make Aryan as its base for future growth in value-added fine chemicals. The focus will be on exports, for which one of the company