Anupam Rasayan India hits record high on deal with Tanfac Industries

Anupam Rasayan India

02/02/2022 07:10

** Shares of Indian specialty chemicals maker Anupam Rasayan
 ANUY.BO  gain as much as 9.5% to hit a record high of 1,106
rupees
    ** Co said on Tuesday its board has approved the acquisition
of a 24.96% stake in specialty fluorides chemical manufacturer
Tanfac Industries Ltd  TAMF.BO   urn:newsml:reuters.com:*:nFWN2UC0LI
    ** Tanfac shares down as much as 5%
    ** Anupam Rasayan to buy about 2.5 mln shares of Tanfac from
promoter company Birla Group Holdings, which is a part of the
Aditya Birla Group conglomerate, and other promoter groups for
1.48 bln rupees ($19.75 mln) 
    ** ANUY to also launch open offer to acquire a further 26%
stake in TAMF from its public shareholders; assuming full
acceptance of open offer, consideration will be 1.54 bln rupees
    ** "Tanfac is strategically fit for our fluorination
chemistry business ... This business will be EPS accretive from
day one," Anupam Rasayan MD Anand Desai says in a statement https://bit.ly/32PcOng
    
    ** Up to Tuesday's close, Anupam Rasayan stock has nearly
doubled in value since its IPO in March 2021, while Tanfac stock
tripled in value last year

     ($1 = 74.9280 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))