BASF India Ltd completes divestiture of Construction Chemicals business to Master Builders Solutions India Private Limited

The Board of Directors of BASF India Limited had approved divestiture of construction chemicals business of the Company to Master Builders Solutions India Private Limited, subject to the approval of the shareholders of the Company, with closing expected in the second quarter of the financial year 2020-2021.

The shareholders of the Company have approved the said divestiture at their general meeting held through postal ballot on 21st April, 2020.

The closing of the transaction has taken place and consequently, the Company's construction chemicals business stands transferred to Master Builders Solutions India Private Limited with effect from 1st July, 2020.

The Company has received an overall consideration of Rs. 595.16 crores (Rupees Five Hundred Ninety-Five Crore and Sixteen Lakhs) towards the said divestiture.

Shares of BASF INDIA LTD. was last trading in BSE at Rs.1132 as compared to the previous close of Rs. 1136.6. The total number of shares traded during the day was 920 in over 294 trades.

The stock hit an intraday high of Rs. 1161.2 and intraday low of 1120.95. The net turnover during the day was Rs. 1047591.

Source : Equity Bulls

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