By: ICN Bureau
Last updated : January 11, 2024 6:20 pm
Mysore Petro Chem will infuse debt of up to GBP 2 million to meet the operational requirements of the target entity
The Board of Directors Mysore Petro Chemical Limited has approved the acquisition of a controlling stake in a UK-based recycling company, Q C Polymer Limited. Q C Polymer is engaged in the business of manufacturing recycled PET flakes that are used in food packaging, textiles polyester, and straps. The acquisition will be done through cash and will be executed in a period of three to six months, according to a stock exchange filing dated January 8.
The company will buy an equity stake in the company by subscribing to 3,200 shares of the company with a face value of GBP 1 each for a premium of GBP 280 each. Furthermore, the company will also infuse debt of up to GBP 2 million to meet the operational requirements of the target entity.
QC Polymer started doing business on April 29, 2021. According to the filing, its turnover was nil in FY22 and GBP 51,274 in FY23.