Rossari Biotech surges on planning to acquire 100% stake in Unitop Chemicals
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Rossari Biotech is currently trading at Rs. 1299.15, up by 35.35 points or 2.80% from its previous closing of Rs. 1263.80 on the BSE.
The scrip opened at Rs. 1300.00 and has touched a high and low of Rs. 1338.95 and Rs. 1289.10 respectively. So far 18732 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 1347.60 on 10-May-2021 and a 52 week low of Rs. 663.55 on 23-Jul-2020.
Last one week high and low of the scrip stood at Rs. 1338.95 and Rs. 1218.00 respectively. The current market cap of the company is Rs. 6943.50 crore.
The promoters holding in the company stood at 72.69%, while Institutions and Non-Institutions held 19.70% and 7.61% respectively.
Rossari Biotech is planning to acquire 100 percent of the equity capital of Unitop Chemicals, a supplier of surfactants, emulsifiers, and specialty chemicals. The company further stated that 65 percent of the equity share capital will be acquired upon closure of the transaction, and the balance 35 percent over the next two years. The total consideration for the acquisition of a 100 percent equity stake is Rs 421 crore.
This acquisition will bring complementary dimensions to Rossari Biotech and help expand its product portfolio, presence in adjoining areas of specialty chemical segments, pooling together of related technologies, larger international exposure, better domestic market reach, well-experienced and competent talent pool, and increased end-user industry applications.
Rossari Biotech is a specialty chemicals manufacturing firm with focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products. Apart from India, it has operations in 17 countries including Vietnam, Bangladesh and Mauritius.
