GE Chemical to acquire Daikaffil stake

GE Chemical Company SA will acquire 25.1 per cent stake in Daikaffil Chemicals India for Rs 2.63 crore.

Daikaffil Chemicals India Ltd said on Thursday that Luxembourg-based GE Chemical Company SA will acquire 25.1 per cent stake in the company for Rs 2.63 crore.

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The Board of Directors has decided to offer and issue 17.59 lakh equity shares representing 25.10 per cent stake in the company to GE Chemical, by way of preferential allotment at a price of Rs 15 per share, including a premium of Rs five per share, subject to necessary provisions and approvals, the company informed the Bombay Stock Exchange.

The acquisition of the stake would help Daikaffil Chemicals India expand the capacities of its existing product line -- optical brighteners for global and local markets as well as to give technology to manufacture speciality chemicals and key textile auxiliaries for textiles industries.

The shares of the company were trading at Rs 8.85, up 4.98 per cent at the BSE.