Anupam Rasayan is making big waves today. The stock, which had closed yesterday at Rs.1009.70, opened higher today at Rs.1020 and went on to hit a new high at Rs.1106 on the back of volumes going up two times.
The stock price hit a new high after the Board yesterday approved acquisition of 24.96% stake in Tanfac Industries Ltd (TIL) from Birla Group Holdings Private Limited and others for Rs 148.14 crore.
There will also now be an open offer to acquire a further 26% shareholding from the public shareholders of TIL.
The consideration for the acquisition of shares from the sellers is Rs 148.14 crore and the open offer (assuming full acceptance) is Rs 154.31 crore which will be funded through debt. Pursuant to the acquisition, ARIL will become a promoter and will have joint control in TIL along with Tamil Nadu Industrial Development Corporation (TIDCO).
This acquisition brings synergies by way of backward integration initially as ARIL is one of the largest consumers of Potassium Fluoride in India which would be supplied by TIL.