Ami Organics rises on getting nod to acquire 55% stake in Baba Fine Chemicals
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Ami Organics is currently trading at Rs. 1070.65, up by 10.85 points or 1.02% from its previous closing of Rs. 1059.80 on the BSE.
The scrip opened at Rs. 1082.05 and has touched a high and low of Rs. 1099.00 and Rs. 1066.00 respectively. So far 12040 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1182.40 on 04-May-2022 and a 52 week low of Rs. 826.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 1099.00 and Rs. 975.25 respectively. The current market cap of the company is Rs. 3909.70 crore.
The promoters holding in the company stood at 39.41%, while Institutions and Non-Institutions held 9.99% and 50.60% respectively.
Ami Organics has received an approval for acquisition of 55% partnership interest in the partnership firm i.e. Baba Fine Chemicals (BFC) on a going concern basis from the partners of BFC, Dr. Ram Bilas Sharma and Kavita Bhatia, for a total purchase consideration of Rs 68.21 crore subject to adjustments as may be required at closing stage (Purchase Consideration).
The acquisition of Partnership Interest is in line with the inorganic growth strategy of expansion further into the specialty chemicals sector of the company and it believes that the acquisition significantly complements its existing product portfolio. The Board of Directors of the Company at its meeting held on April 22, 2023, has, approved the same.
Ami Organics is one of the leading research and development driven manufacturers of specialty chemicals. The company manufactures different types of Advanced Pharmaceutical Intermediates and Active Pharmaceutical ingredients (API) for New Chemical Entities, and material for agrochemicals and fine chemicals.
