Trending company: Anupam Rasayan touches all-time high in today’s trade
The stock has rallied 8.4% after opening at Rs 1020 today, touching its all-time high of Rs 1106.
The rally in the stock was led by the announcement of a strategic acquisition of a 24.96% stake in Tanfac Industries Ltd. The Board of Directors of Anupam Rasayan India Ltd ( ARIL) 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 (a promoter company which is part of Aditya Birla Group) and few other promoter groups of TIL and the launching of an open offer to acquire a further 26% shareholding from the public shareholders of TIL, as announced by the company in its press release on February 1.
The consideration for the acquisition of a 24.96% stake from the Birla Group and others is Rs 148.14 crore while the open offer of 26% from the public is estimated a Rs 154.31 crore. The company stated that the acquisition will be funded by the issuance of debt.
Under the acquisition, ARIL will become a promoter and will have joint control in TIL along with TIDCO (Tamil Nadu Industrial Development Corporation). The motive of the acquisition is to gain synergies from backward integration as ARIL is one of the largest consumers of Potassium Fluoride in India which would be supplied by TIL thereby reducing their import dependence. The company also plans to add niche fluoro derivatives which will have applications in Crop protection, Pharma intermediates and Polymers.
In less than a year from its debut at the stock market, Anupam Rasayan Stocks have almost doubled from the issue price of Rs 555 to Rs 1106. Its previous 52 week high was at Rs 1087.95 on January 3. The stock is currently trading at Rs 1060.75 at 2.53 pm.
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