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Rossari Biotech jumped 4.99% to Rs 1,326.90 after the company announced that its board of directors has approved the acquisition of Unitop Chemicals for a consideration of Rs 421 crore.
As per the agreement and subject to customary closing conditions, Rossari will be acquiring 100% of the equity capital of Unitop Chemicals. The speciality chemicals manufacturer will acquire 65% of the equity share capital upon closure of the transaction, and the balance 35% over the next two years.
The total consideration for the acquisition of 100% equity stake is Rs 421 crore. Rossari plans to fund the investment through cash on balance sheet and doesn t intend to raise any debt for this acquisition.