In a significant market move, the share price of carbon black manufacturer PCBL experienced a notable 3 percent increase in the opening trade on November 29. This surge followed the board’s approval for the acquisition of a 100 percent stake in Aquapharm Chemicals.
During a meeting held on November 28, the board of directors sanctioned the acquisition, either directly or through one of its affiliates, involving 2,12,172 shares of Aquapharm Chemicals Private Limited (ACPL). The aggregate consideration for this strategic move amounted to Rs 3,800 crore.
PCBL has formally executed a share purchase agreement with ACPL, Vimal V Mangwani, Dharmesh Mangwani, Nitin Raojibhai Desai, and other ACPL shareholders to facilitate the proposed transaction. This is subject to obtaining all necessary approvals and fulfilling other customary conditions, adhering to the terms and conditions specified in the SPA.
As of 10:19 am, PCBL shares continued their positive trajectory, trading at a 4.98 percent increase at ₹266.90
