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Bodal Chemicals Ltd approves acquisition of 70% stake in S P S Processors Pvt. Ltd.

Posted On: 2017-03-20 12:15:30

Bodal Chemicals Ltd has approved proposal to invest Rs. 41 million in S P S Processors Pvt. Ltd., a company engaged in manufacturing of dye intermediates, for 70% stake. Bodal will also provde unsecured loan of about Rs. 450 million to S P S Processors Pvt. Ltd. to make it debt free company by retiring its existing total debt and also for expansion of its manufacturing capacity for VS plant. The company will fund this transaction entirely through internal accruals.

S P S Processors Pvt. Ltd. is engaged in manufacturing of dye intermediates and the manufacturing plant is located at Kosi, Uttar Pradesh, India. The unit is "Zero Discharge" unit fully compliant with environmental regulations.

The capacity of S P S Processors is 250 tons per month to manufacture H-Acid, a key dye intermediate. The unit also has all basic infrastructure in place for future expansion.

S P S also has all necessary permissions in place to manufacture Vinyl Sulphone (VS - another key dye intermediate) as well as dyestuff.

The company is planning to build a 350 - TPM VS plant at the cost of about Rs. 100 million, to be operational by second quarter of FY 2018.

The company achieved revenue of Rs. 740 million till February 28, 2017.

Shares of BODAL CHEMICALS LTD. was last trading in BSE at Rs.139.15 as compared to the previous close of Rs. 137.45. The total number of shares traded during the day was 352402 in over 3220 trades.

The stock hit an intraday high of Rs. 141.9 and intraday low of 137.8. The net turnover during the day was Rs. 49379673.

Source: Equity Bulls

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