Clariant Chemicals (India) has moved higher by over 6% to Rs 661 after the company said that SK Capital has agreed to purchase textile chemicals, paper specialties and emulsions businesses for an undisclosed amount.
The stock opened at Rs 626 and hit a high of Rs 673 on the NSE. A combined 48,892 shares have changed hands on the counter so far on both the exchanges.
“Clariant International, the major shareholder of the company has announced that SK Capital has agreed to purchase the business units - textile chemicals, paper specialties and the business line emulsions from Clariant,” the company said in a statement.
This will include the transfer of the whole R&D, applications, sales and marketing organisation along with production plants and sites worldwide, it added.
The company said, the decision of Clariant to divest its business in India will be subject to appropriate approvals and these will be initiated after approval of board of directors.
The company has production facilities for manufacture of textile chemicals and produces paper specialties and emulsion products at its Roha plant.
According to Reuters report, U.S.-based investment firm SK Capital will buy the said business for $549.53 million (approx Rs 3,014 crore).