Plant Health Care Plc was acquired by PI Industries Management Consultancies L.L.C. on Tuesday, according to an exchange filing on BSE. The firm, a UK-incorporated company that traded on an alternative investment market operated by the London Stock Exchange, was acquired for the sum of GBP 32.8 million by PI Industries.
The transaction would not fall within the ambit of related party transactions, as the shares are being acquired by the subsidiary of the company from an unrelated entity, the filing said.
Plant Health Care will operate as a step-down subsidiary after its acquisition. This acquisition is meant to enable PI Industries to provide comprehensive agri-solutions that integrate both chemical and biological products.
The completion of the acquisition may take three months from the date of announcement, with 100% ownership of the stake.
Shares of PI Industries rose over 0.22% to trade at Rs 4,327.25 apiece, according to NSE data. This compares to a 0.51% rise in the NSE Nifty 50.
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