PI Industries Limited (PI), has executed an offer with Isagro S.p.A (a company incorporated in Italy, the promoter and existing shareholder of Isagro Asia) for acquisition of the business of Isagro Asia, who are engaged in Contract Manufacturing, local distribution and exports of agrochemicals through acquisition of 100% shareholding of Isagro Asia. The business will be acquired by PI directly or through its subsidiary.
The transaction value is estimated ~INR 345 Crore net of cash and debt subject to closing adjustments. The consummation of the proposed transaction is expected in Q3FY20 subject to finalisation of definitive agreements, customary closing conditions and regulatory approvals. The parties have entered into exclusivity agreement for this purpose.
PI sees encouraging growth opportunities across its business model and seeking initiatives to augment business progress. The proposed acquisition will provide PI access to additional manufacturing capacities to meet growing demand of global customers and synergy benefits of adjacent manufacturing site while de-risking the supply chain of few products. In addition, this will also help PI strengthen its position in Indian market by leveraging complementary product portfolio and distribution channel of Isagro Asia.
Shares of PI Industries Ltd was last trading in BSE at Rs.1232.6 as compared to the previous close of Rs. 1266.55. The total number of shares traded during the day was 132779 in over 1523 trades.
The stock hit an intraday high of Rs. 1289.1 and intraday low of 1231.25. The net turnover during the day was Rs. 166046452.