Camlin Fine Sciences Limited to acquire further 35% stake in subsidiary from JV partner

The Board of Directors (Board) of Camlin Fine Sciences Limited at its meeting held today i.e., 08th February, 2021, has in-principally approved further acquisition of 35% stake in its subsidiary namely, Dresen Quimica SAPI de CV ("Dresen") from Controladora De Servicios Riso S.A.P.I. de C.V. (the "joint venture partner") for an amount not exceeding USD 13 million (United States Dollar Thirteen Million), subject to regulatory approvals, if necessary and execution of definitive agreement(s) by the Company with the joint venture partner.

Dresen is a joint venture between the Company and Controladora De Servicios Riso S.A.P.I. de C.V. in which the Company currently holds 65% stake.

The Board has authorized Mr. Ashish Dandekar - Managing Director to negotiate and finalize the terms and mechanism of the said acquisition and finalize and execute the necessary agreements / documents with the joint venture partner.

Shares of CAMLIN FINE SCIENCES LTD. was last trading in BSE at Rs.108.55 as compared to the previous close of Rs. 111.35. The total number of shares traded during the day was 32788 in over 544 trades.

The stock hit an intraday high of Rs. 113.6 and intraday low of 107.4. The net turnover during the day was Rs. 3630710.

Source : Equity Bulls

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