Pioneer Jellice and Ashok Matches launch open offer for IGCL Stake

Madurai-based Pioneer Jellice India (PJIP) and Ashok Matches and Timber Industries have issued an open offer to acquire 1.84 million equity shares, or 26 per cent, of Mumbai-based India Gelatine & Chemicals (IGCL) for Rs 408.90 per share from the public shareholders, for a total value of Rs 75 crore.

 

This comes after Narmada Gelatines Ltd (NGL), a subsidiary of Pioneer Jellice, acquired 1 million shares of India Gelatine at a price of Rs 408 per share, for a total value of Rs 40 crore on Wednesday. This forms 14.01 per cent of the issued and paid-up capital of India Gelatine.

 

Prior to this, in 2023, PJIPL acquired 75 per cent of Narmada Gelatines Ltd for a total value of Rs 103 crore. PJIPL and its associate company Ashok Matches acquired a 75 per cent stake in NGL in 2023.

 

PJIPL manufactures gelatin, di-calcium phosphate, and other products for food and pharmaceutical applications. It was established in 1991 as a joint venture between Pioneer Asia Group and Jellice Co. Ltd and is located in Cuddalore, Tamil Nadu.