PCBL Ltd. acquired Aquapharm Chemicals Pvt. on Tuesday for Rs 3,800 crore, marking its entry into the global specialty segments of water treatment chemicals and oil and gas chemicals.
The carbon black manufacturer executed a share purchase agreement with ACPL, Vimal Mangwani, Dharmesh Mangwani, Nitin Raojibhai Desai and other shareholders for the acquisition of the company, subject to obtaining necessary approvals and fulfilling other conditions, according to an exchange filing.
The board approved the purchase of 2.12 lakh shares of ACPL, representing 100% of the issued and paid-up share capital through a mix of internal accruals and external funds raised by the company.
This acquisition is the "first milestone in achieving the vision of creating a multi-platform global specialty chemical business portfolio," it said.
ACPL is a private company that is in the business of manufacturing specialty products and offering water treatment solutions to marquee global customers.
Shares of PCBL closed 2.85% lower at Rs 254.25 apiece on the NSE compared to a 0.48% advance in the benchmark Nifty 50.
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