National Peroxide Ltd (NPL), part of the Wadia Group, has signed an agreement to buy the entire 25.1 per cent stake from its JV partner Solvay SA in the company for an undisclosed amount.
With this acquisition, NPL's total stake will increase to 70.5 per cent from the current 45.4 per cent.
"The Agreement dated March 28, 2017 was executed by Nusli N Wadia and Nowrosjee Wadia and Songs Ltd to acquire 14,42,500 equity shares from Solvay SA," NPL said in a BSE filing today.
The company is still awaiting full details of the acquisition, it added.
In a separate statement, Mumbai-based global M&A advisory firm Singhi Advisors, which was the sole banker to the transaction, said the NPL has agreed to buy additional 25.1 per cent in the company from Solvay SA.
NPL, the largest domestic producer of Hydrogen Peroxide, will buy extra stake in an inter-partner off market block transaction, consolidating its holding in the company to over 70 per cent.
NPL manufactures specialty chemicals like hydrogen peroxide, sodium perborate and hydrogen gas. It has a production unit at Kalyan, near Mumbai with a capacity of PL, 95,000 tonnes per annum.
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