 "BASF jumps 8% after board approves demerger, listing of agricultural biz")
BASF shares jumped 7.6 per cent in Friday's trade, logging an intraday high at Rs 5,944.3 per share on BSE. The buying sparked after the company's board approved the demerge of its agricultural solution business by 2027 and list it as a separate entity on bourses through an initial public offer (IPO).
Around 10:24 AM, BASF share price was up 7.2 per cent at Rs 5,853.1 per share on BSE. In comparison, the BSE Sensex was down 0.21 per cent at 79,052.37. The market capitalisation of the company stood at Rs 25,335.52 crore. The 52-week high of the company stood at Rs 8,748.1 per share and the 52-week low stood at Rs 2,870 per share.
"We wish to inform that the Board of Directors of the Company, at its meeting held today on December 19, 2024, has accorded its in-principle approval for demerger of company’s Agricultural Solutions business into a separate listed legal entity," the filing read.
Earlier, the company had informed the stock exchanges that globally BASF SE will complete the legal and Enterprise Resource Planning (ERP) separation of the agricultural aolution business by 2027.
Thereafter, BASF SE, Germany is also targeting readiness for a potential Initial Public Offering (IPO) of its global Agricultural Solutions business and is also evaluating the option of listing of a minority share in the mid-term," the filing read.
BASF, founded in 1865 and headquartered in Ludwigshafen, Germany, is one of the world’s largest chemical companies. It operates across industries, offering innovative solutions in chemicals, materials, agriculture, and more. With a presence in over 90 countries and a workforce exceeding 111,000 employees, BASF is a global leader in sustainable practices and cutting-edge innovations.
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The company focuses on reducing emissions, energy efficiency, and the circular economy, aiming for net-zero carbon emissions by 2050. BASF’s solutions drive advancements in automotive, agriculture, construction, and consumer goods, contributing to a sustainable future.
In the past one year, BASF shares have gained 79.6 per cent against Sensex's rise of 12 per cent.