Anupam Rasayan at all-time high, up 10% on acquiring 24.96% stake in Tanfac

The stock price has almost doubled from its issue price of Rs 555 per share, in less than a year.

Shares of Anupam Rasayan India (ARIL) hit a new high of Rs 1,106 on rallied 10 per cent on the BSE in Wednesday’s intra-day trade after the company’s board approved the acquisition of 24.96 per cent stake in Tanfac Industries from Birla Group Holdings Private Limited and others for Rs 148.14 crore.

Shares of ARIL were trading at their highest level since the stock market debut on March 24, 2021. The stock price of the company has almost doubled from its issue price of Rs 555 per share. It hit a 52-week low of Rs 472.25 on March 31, 2021. At 10:22 am; the stock traded 4 per cent higher at Rs 1,053, as against a 0.92 per cent rise on the S&P BSE Sensex.

“The board of directors has approved the acquisition of 24.96 per cent of the total equity shareholding of and joint control of Tanfac Industries Limited (“TIL”) from Birla Group Holdings Private Limited (“BGH”), (a promoter company which is part of Aditya Birla Group) and few other promoter group of TIL and the launching of an open offer to acquire a further 26 per cent shareholding from the public shareholders of TIL,” ARIL said in exchange filing.

The consideration for the acquisition of shares from the sellers is Rs 148.14 crore and the open offer (assuming full acceptance) is Rs 154.31 crore which will be funded through debt, ARIL said. Pursuant to the acquisition, ARIL will become a promoter and will have joint control in TIL along with Tamil Nadu Industrial Development Corporation (TIDCO).

ARIL said this acquisition is a strategic decision to expand the product series under the fluorination chemistry of the company. “It brings synergies by way of backward integration initially as ARIL is one of the largest consumers of Potassium Fluoride in India which would be supplied by TIL. With access to these basic fluoro compounds and the expertise of ARIL’s core R&D team we will be able to introduce niche value adding fluorine derivatives in the coming years,” the company said.

Meanwhile, shares of Tanfac Industries traded 5 per cent lower at Rs 642, on the BSE in intra-day trade.