28 Jul 2017 | 4:57 PM

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COMPANYNEWS
Bodal Chemicals acquires 70% stake in S P S Processors
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Published on 03-20-2017
Dyestuffs dyes intermediates and basic chemicals manufacturer Bodal Chemicals Ltd (BCL) on Monday said it has invested about Rs 4 cr to acquire approx. 70 per cent stake in S P S Processors Pvt Ltd.


“Bodal Chemicals Ltd to invest Rs 41 million in S P S Processors Pvt Ltd a company engaged in manufacturing of dye intermediates for 70 per cent equity stake” the company said in a filing to the Bombay Stock Exchange on March 20 2017.


S P S Processors Pvt Ltd belongs to dyes intermediates industry.


The company further said that the objective behind the acquisition of S P S Processors is to consolidate its position in the local & global markets of dyestuff and dyes intermediates.


Post the said investment the company’s manufacturing capacities of dye intermediates to be increased by 25 per cent it said.


Further it added that the cash transaction worth Rs 40908240 will be completed before end of March 2017.


Meanwhile shares of the company closed at Rs 139.15 apiece up 1.24 per cent from previous close on BSE.