Makers Laboratories Ltd to acquire Resonance Specialties Ltd

The Board of Directors of Makers Laboratories Ltd. have considered and approved acquiring / purchasing / investing in the Equity Shares of M/s. Resonance Specialties Limited (Scrip Code: 524218) ("the Target Company") through negotiated deal either by way of open market purchase or through a share purchase agreement or both with willing sellers and also acquire controlling interest in the Target Company alongwith M/s. Kaygee Investments Pvt. Ltd., a person acting in concert. As per the Share Purchase Agreement, the Company will acquire 45.48% voting rights in the Target Company and Kaygee Investments Pvt. Ltd., a person acting in concert will acquire 8.76% voting rights. This acquisition is subject to all the requisite regulatory approvals.

The Board of Directors of the Company have also approved making of an Open Offer, along with Mls. Kaygee Investments Pvt Ltd. being a person acting in concert, to the public shareholders of the Target Company pursuant to the applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

Resonance is engaged in the business of manufacturing and marketing of Pyridine, Picolines, Cynopyridines, Drug Intermediates and APIs. The company's manufacturing unit is situated at Tarapur (Maharashtra). The registered office of Resonance is at Mumbai and the manufacturing unit of the company is situated at Tarapur (Maharashtra) on land admeasuring about 32,000 sq. metres. The Products of the company are sold in India as well as exported to many countries across the globe. The clientele of the company includes several Indian as well as overseas companies.

The acquisition of Resonance will help the Company to venture into the field of specialty chemicals, Drug Intermediates and APIs.

Shares of MAKERS LABORATORIES LTD. was last trading in BSE at Rs.83.5 as compared to the previous close of Rs. 81.95. The total number of shares traded during the day was 5123 in over 29 trades.

The stock hit an intraday high of Rs. 85.95 and intraday low of 78.1. The net turnover during the day was Rs. 428647.

Shares of RESONANCE SPECIALTIES LTD. was last trading in BSE at Rs.42.5 as compared to the previous close of Rs. 44.7. The total number of shares traded during the day was 62561 in over 282 trades.

The stock hit an intraday high of Rs. 44.65 and intraday low of 42.5. The net turnover during the day was Rs. 2690035.

Source : Equity Bulls

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