In line with BASF's strategy of actively managing its portfolio, the Company has entered into a Business Transfer Agreement with Archroma India Private Limited, member of the Archroma Group, a global leader in color and specialty chemicals, to divest its stilbene based Optical Brightening Agents business for paper and powder detergent applications (OBA Business) for an aggregate consideration of Rs. 33.50 crore (including an amount of Rs. 13.84 crore, which will be kept in escrow for a period of 12 months from the Closing Date), subject to necessary working capital adjustments.
The transaction includes stilbene-based OBA product portfolio and the manufacturing unit at Ankleshwar, India. The OBA business is part of the Company's Performance Chemicals division and Care Chemicals division. The transaction is expected to be completed in the fourth quarter of 2019.
In India, the OBA business had generated sales of ~ Rs. 220 crore during the financial year ended 31st March 2019.
Shares of BASF INDIA LTD. was last trading in BSE at Rs.1284.85 as compared to the previous close of Rs. 1304.6. The total number of shares traded during the day was 484 in over 92 trades.
The stock hit an intraday high of Rs. 1323.55 and intraday low of 1278. The net turnover during the day was Rs. 629161.