Anupam Rasayan India Ltd’s board approved the acquisition of 24.96% stake in Tanfac Industries from Birla Group Holdings Private Limited and others for Rs 1.48 billion.
“The board of directors has approved the acquisition of 24.96% of the total equity shareholding of and joint control of Tanfac Industries Limited (TIL) from Birla Group Holdings Private Limited, and few other promoter group of TIL and the launching of an open offer to acquire a further 26% shareholding from the public shareholders of TIL,” ARIL said in exchange filing.
The consideration for the acquisition of shares from the sellers is Rs 1.48 billion and the open offer (assuming full acceptance) is Rs 1.54 billion which will be funded through debt, ARIL said.
Pursuant to the acquisition, ARIL will become a promoter and will have joint control in TIL along with Tamil Nadu Industrial Development Corporation (TIDCO).
ARIL said this acquisition is a strategic decision to expand the product series under the fluorination chemistry of the company.
“It 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. With access to these basic fluoro compounds and the expertise of ARIL’s core R&D team we will be able to introduce niche value adding fluorine derivatives in the coming years,” the company said.