SICC awards $482.50 mn value for Kiri Industries' stake in DyStar

Singapore International Commercial Court ("SICC") has awarded the value of Kiri's 37.57% stake in DyStar Global Holdings Pte Ltd (DyStar) at US$482.50 Million, with two minor adjustments in relation to application of tax rate for FY 2018, and DyStar Group Tax Rate pertaining to Longsheng fees. In opinion of the management of the Company, these two adjustment are expected to be less than US $ 2.00 Mn, and hence shall not effect more than US$ 2.00 Mn of Company's stake value of US$482.50 Mn decided by the SICC.

Accordingly, in opinion of the management, the value of Kiri's stake in DyStar determined by the court would be around USD 480 Mn (approximately INR 3,500 crore).

The final crystallisation of this residual minor adjustment is expected to be done by Singapore Court, within the next 3-4 weeks, as per assessment of our legal team.

Shares of KIRI INDUSTRIES LTD. was last trading in BSE at Rs.515.45 as compared to the previous close of Rs. 548.3. The total number of shares traded during the day was 267641 in over 13409 trades.

The stock hit an intraday high of Rs. 628.35 and intraday low of 511.45. The net turnover during the day was Rs. 151792510.

Source : Equity Bulls

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