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Stock Report
Camlin Fine Sciences Limited to invest in AlgalR
Posted On : 2021-05-16 22:41:50( TIMEZONE : IST )
On 15th May, 2021 the Shares Transfer / Administrative & Finance Committee (the "Committee") of Camlin Fine Sciences Limited (the "Company"), pursuant to the powers granted by the Board of Directors, has approved strategic investment in AlgalR NutraPharms Private Limited ("AlgalR") by way of acquisition of equity shares amounting to 69.33% of the existing paid-up share capital ("Secondary Purchase"). The Committee has also approved subscription to the equity shares of AlgalR ("Primary Subscription"). Upon consummation of the Secondary Purchase and Primary Subscription, the Company will hold 80% of the paid-up capital of AlgalR on a fully diluted basis. The Company will now be executing the Investment Agreement, Share Purchase Agreement and the incidental agreements / documents with AlgalR and its promoters / other shareholders.
AlgalR provides an opportunity to the Company for expanding its footprint into the Nutraceuticals segment. Upon completion of the acquisition, the Company shall become the holder of 80% of the paid-up share capital of AlgalR on a fully diluted basis.
AlgalR was incorporated on 24th July 2014. It is a manufacturer of Algal Omega-3 fatty acids, particularly Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA) from microalgae, which are considered 100% Vegetarian. Omega-3 fatty acids play an important role in the human metabolism and has been associated with a number of health benefits. These products are manufactured in compliance with the set industrial norms, FSSAI, and ISO 22000:2005 standards using a patented technology in a state-of-the-art production system located in Southern part of India.
Shares of CAMLIN FINE SCIENCES LTD. was last trading in BSE at Rs.165 as compared to the previous close of Rs. 164.55. The total number of shares traded during the day was 65062 in over 1055 trades.
The stock hit an intraday high of Rs. 173.2 and intraday low of 162.6. The net turnover during the day was Rs. 10849583.
