By: ICN Bureau
Last updated : November 28, 2023 3:59 pm
This acquisition allows PCBL to foray into global specialty segments of water treatment chemicals and oil & gas Chemicals
The Board of Directors of PCBL Limited has in-principle approved the acquisition, directly or through one of its affiliates, of 212,172 shares of Aquapharm Chemicals Private Limited (ACPL), for an aggregate consideration of INR 3,800 crores (subject to agreed adjustments) representing 100% of the issued and paid-up share capital of ACPL (Proposed Transaction).
In furtherance of such approval, the company has executed a share purchase agreement (SPA) with ACPL, Vimal V. Mangwani, Dharmesh Mangwani, Nitin Raojibhai Desai and other shareholders of ACPL, for undertaking the Proposed Transaction, subject to inter alia obtaining all necessary approvals and fulfillment of other customary conditions, as per the terms and conditions specified in the SPA.
The proposed transaction shall be financed through a mix of internal accruals and external fund raise by the Company and/or its affiliates/associates.
This acquisition of ACPL marks PCBL’s foray into global specialty segments of water treatment chemicals and oil & gas Chemicals and it is the first milestone in achieving the vision of creating a multi-platform global specialty chemical business portfolio.