Kanoria Chemicals & Industries announced that the company and its wholly owned subsidiary, APAG Holding AG, Switzerland (APAG) has signed legally binding agreements with Novares Venture Capital SAS, France (Novares) for the issue of 75 new equity shares of the face value of CHF 1000 each in APAG at a premium of about CHF 98,765 per share to Novares for a total cash consideration of CHF 7,482,380. The closing of the transaction is scheduled to take place on or before 31 October, 2018.
Following the issue and allotment of new shares, the Company will hold 80% and Novares 20% shares in the increased capital of APAG and the status of APAG will change from a wholly owned subsidiary to being a subsidiary of the Company.
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