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Rossari Biotech announces Q1 FY22 results
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India: Rossari Biotech to acquire Tristar Intermediates
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Rossari Biotech announced that its board of directors has approved the acquisition of Tristar Intermediates.
As per the agreement and subject to customary closing conditions, Rossari will be acquiring 100% of the equity share capital of Tristar Intermediates. 76% of the equity share capital will be acquired upon closure of the transaction, and the balance 24% over the next three years.
The total enterprise value of the transaction is Rs. 120 crores. Rossari plans to fund the investment through cash on balance sheet and doesn t intend to raise any debt for this acquisition.
The transaction brings together two high-potential companies within the speciality chemical space. The blend of capabilities will add scale, provide cross-selling opportunities, and accelerate growth for Rossari, while significantly enhancing value creation in the longer term.
Rossari to acquire Tristar Intermediates
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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.