BASF India zooms as its ultimate holding company inks agreement to divest manufacturing site to Clariant

BASF India is currently trading at Rs. 3062.80, up by 183.95 points or 6.39% from its previous closing of Rs. 2878.85 on the BSE.

The scrip opened at Rs. 2861.30 and has touched a high and low of Rs. 3119.30 and Rs. 2861.30 respectively. So far 10917 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 3926.95 on 11-Aug-2021 and a 52 week low of Rs. 1552.00 on 29-Jan-2021.

Last one week high and low of the scrip stood at Rs. 3119.30 and Rs. 2737.15 respectively. The current market cap of the company is Rs. 13210.99 crore.

The promoters holding in the company stood at 73.33%, while Institutions and Non-Institutions held 8.85% and 17.82% respectively.

BASF India’s ultimate holding company — BASF SE, Germany has signed an agreement to divest its manufacturing site in Quincy, Florida and the associated attapulgite business for a purchase price of $60 million to Clariant. The transaction is expected to close in 2022, subject to the approval of the relevant Competition Commission / Anti-trust Authorities.

As part of the divestiture, BASF would also enter into a long-term supply agreement for attapulgite business with Clariant, that will allow BASF to continue to support and grow with its customers in the paints, coatings, and construction markets. The attapulgite business, forms part of the Dispersions & Resins Division of Industrial Solutions Segment of BASF India, and has generated net sales of approximately Rs 7.09 crore during the financial year ended March 31, 2021.

BASF India is a leading transnational company in the Indian chemical industry.

The company’s portfolio is organized into four segments: Chemicals Performance Products Functional Materials & Solutions and Agricultural Solutions.

Check Also

Indian Hume Pipe Company shines on receiving Letter of Award worth Rs 639.16 crore

Indian Hume Pipe Company is currently trading at Rs. 287.70, up by 15.90 points or …

Leave a Reply

Your email address will not be published. Required fields are marked *