On July 16, 2024, Himadri Speciality Chemical Ltd announced via a stock exchange filing that HCEL plans to acquire 100% of Himadri Green Technologies Innovation Limited, making Himadri Green Technologies Innovation Limited a wholly-owned subsidiary of HCEL.
The Board of Directors approved this acquisition in their July 16, 2024 meeting. After the acquisition, Himadri Green Technologies Innovation Limited will become a wholly-owned subsidiary of HCEL and a step-down wholly-owned subsidiary of Himadri Speciality Chemical Ltd.
The acquisition is part of Himadri Speciality Chemical Ltd’s strategic objective to expand its business through its subsidiaries. By making Himadri Green Technologies Innovation Limited a step-down wholly-owned subsidiary of HCEL, the company aims to enhance its operational footprint and leverage synergies within its corporate structure.
Related Party Transaction and Promoter Details: Himadri Green Technologies Innovation Limited is considered a related party of Himadri Speciality Chemical Ltd, as the promoters and their relatives hold 100% of its shares. This transaction is conducted at arm’s length and adheres to SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Indicative Time Period for Completion of Acquisition: The acquisition of Himadri Green Technologies Innovation Limited is expected to be completed within 60 days from the date of signing the Share Purchase Agreement (SPA) or any mutually agreed date between the parties.
Consideration and Cost of Acquisition: The acquisition will be through cash consideration. The total cost of acquiring 100% of Himadri Green Technologies Innovation Limited’s equity shares, amounting to 10,000 shares, is approximately ₹1,00,000.
Percentage of Shareholding Acquired: HCEL will acquire 10,000 equity shares or 100% of Himadri Green Technologies Innovation Limited’s shareholding.
Himadri Green Technologies has an authorised capital of ₹5,00,000 divided into 50,000 equity shares of ₹10 each, with a paid-up capital of ₹1,00,000 divided into 10,000 equity shares of ₹10 each. As of now, the company has reported nil turnover.
Himadri Speciality Chemical specialises in manufacturing carbon materials and chemicals, including coal pitch, advanced carbon materials, naphthalene, and sodium naphthalene formaldehyde (SNF). It is India’s leading coal pitch manufacturer and the sole producer of advanced carbon materials in the country.
On July 16, 2024, Himadri Speciality Chemical Ltd’s share price opened at ₹419.70 and closed at ₹430.60 on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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