Kiri Industries shares rose 4% after the company announced it had signed a definitive agreement to sell its 37.57% stake in DyStar to Longsheng Group for $676.3 million. As of 2:26 PM, the shares were trading 3.43% higher at Rs 617.80.
An additional $20.3 million may also be payable under certain conditions. The agreement marks a resolution to a long-pending shareholder dispute involving DyStar. The transaction is subject to customary closing conditions.
KIRI INDUSTRIES: CO SIGNED AN AGREEMENT TO SELL A 37.57% STAKE IN DYSTAR TO LONGSHENG FOR $676.3M, WITH $20.3M POTENTIALLY PAYABLE. A MAJOR MILESTONE RESOLVED A LONG-STANDING ISSUE
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Kiri Industries shares opened at ₹600.00 and touched an intraday high of ₹626.00, while the low stood at ₹586.90. It currently trades below its 52-week high of ₹740.00 and well above the 52-week low of ₹296.90.
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