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Shree Pushkar Chemicals & Fertilisers Ltd to acquire 100% stake in Madhya Bharat Phosphates Pvt Ltd

Posted On: 2019-03-16 09:47:43

The Board of Directors of Shree Pushkar Chemicals & Fertilisers Limited in their meeting held today, which was started at 12.30 p.m. and concluded at 3.15 p.m. has considered, discussed and approved the Investment proposal.

The board had earlier approved in-principle an investment to the extent Rs.30.00 Crore, the Board has in today's meeting deliberated and approved, subject to final approval of NCLT, a proposal for acquisition / takeover of 100% stake in M/s. Madhya Bharat Phosphates Pvt. Ltd, (MBPL) through NCLT under the Insolvency & Bankruptcy Code 2016 (IBC). The proposal has already been approved by the Committee of Creditors (COC), as constituted by NCLT, for an offer price of Rs.19.02 crore and the proposal is under flnal consideration before NCLT.

The Unit of MBPL located in MP, has two plant at Jhabua and Deewanganj, has a capacity of manufacture SSP of 1.5 lac MTA and 0.4 Lac MTA respectively and a Plant for a manufacture of LABSA.

The Board further has approved a proposal of acquiring an additional plot of land in MIDC, Lote Parshuram, Ratnagiri-MH, admeasuring 34,4O8 Sq.Mts. for further expansions.

The above both transaction of acquisition of M/s. Madhya Bharat Phosphates Pvt. Ltd, (MBPL) through NCLT and purchase of additional MIDC land will be funded through internal accruals of the Company.

Shares of Shree Pushkar Chemicals & Fertilisers Ltd was last trading in BSE at Rs.148 as compared to the previous close of Rs. 150.65. The total number of shares traded during the day was 9854 in over 197 trades.

The stock hit an intraday high of Rs. 152.8 and intraday low of 144.9. The net turnover during the day was Rs. 1450314.

Source: Equity Bulls

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