The specialty chemical maker announced that its board has approved acquisition of 40% of equity shares of Invati Creations for a total consideration of Rs 45.16 crore.
The board has approved the execution of an investment agreement between the company and Invati Creations and their shareholders.Further, the companys board has approved the issuance of 7.96 lakh fully paid-up equity shares of the company to the existing shareholders of Invati Creations at a price of Rs 316 per equity share.
Besides, the board has also approved the issuance of 1.08 crore convertible warrants at a price of Rs 316, aggregating to Rs 343 crore by way of preferential issue.
Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals. The Company has operations in India and caters to both domestic and international markets.
The companys consolidated net profit jumped 66.92% to Rs 108.82 crore on 1.45% rise in net sales to Rs 1,052.51 crore in Q3 FY24 over Q3 FY23.
The scrip rose 0.14% to currently trade at Rs 319 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
