Himadri Specialty Chemical’s stock rallied 2.5% in morning trade on March 21 after the company disclosed an acquisition of a 40% stake in Invati Creations, a producer of lithium-ion electrode materials, for Rs 45.16 crore.
In a regulatory filing on March 20, Infobridges revealed that Himadri would contribute Rs 19.99 crore in cash while the balance consideration would be settled via a share exchange of 7,96,446 equity shares of the face value of Rs 1 each.
At 10:29 am, the stock was trading 1.19% higher at ₹322.00 on BSE.
The company’s statement was consistent with its long-term target of producing high-quality lithium-ion materials and demonstrates its commitment to discovering novel technologies in the battery materials manufacturing industry.
Himadri intends to have 2 nominated directors on the board of Invati to allow it substantial influence and help in developing a close relationship between the two organizations.
Himadri Specialty Chemical reported a 71% y-o-y increase in net profit to Rs 108.80 crore in the December quarter, its highest profit ever, although income remained flat y-o-y fell modestly by 1.5% to Rs 1,052.50 crore.
