Rossari Biotech rises on getting nod to incorporate wholly owned subsidiary in Bangladesh

Rossari Biotech is currently trading at Rs. 913.85, up by 5.35 points or 0.59% from its previous closing of Rs. 908.50 on the BSE.

Rossari Biotech1
Rossari Biotech1

The scrip opened at Rs. 910.95 and has touched a high and low of Rs. 913.05 and Rs. 904.80 respectively. So far 1448 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 1479.90 on 27-Oct-2021 and a 52 week low of Rs. 795.05 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 928.95 and Rs. 903.40 respectively. The current market cap of the company is Rs. 5003.56 crore.

The promoters holding in the company stood at 68.56%, while Institutions and Non-Institutions held 21.53% and 9.91% respectively.

Rossari Biotech has received approval to incorporate wholly owned subsidiary in People’s Republic of Bangladesh (Bangladesh) with an estimate aggregate Capital outlay of Bangladeshi taka 300 million (around Rs 25 crore).

The wholly owned subsidiary will enable the Company to expand the market for RBL products in Bangladesh.

The proposed wholly owned subsidiary to be incorporated in Bangladesh, shall carry out the business of manufacturing and sale of specialty chemicals.

Rossari Biotech is one of the leading specialty chemicals manufacturing company in India.

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