Sayaji Industries Limited (Sayaji Industries; BSE: SAYAJIIND / 540728) announced today that it has completed the sale of 12,00,000 equity shares representing 40% stake in Sayaji Sethness Limited for an aggregate consideration of USD3.2 million.
The proceeds from the transaction is intended to be used for expansion and upgradation plans, and to strengthen company's balance sheet via reduction of debt.
Sayaji Sethness Limited began operations in 1993 as a joint venture between Sayaji Industries and Sethness Products Company, USA. As on date, Sayaji Sethness is the largest manufacturer of Liquid Caramel Color in India.
With the completion of the transaction, Roquette Group will be the ultimate owner ofthe company. Sayaji Industries previously announced this divesture in a circular to the exchange dated July 4, 2018.
Mr. Devang Nanavati, Managing Partner, Ms. Ashani Shah, Senior Associate and Ms. Nishita Shah, Associate from Nanavati & Nanavati Advocates, Ahmedabad represented Sayaji Industries whereas Sethness Products Company was represented by Mr. Shuva Mandal, Managing Partner, and Mr. Soumitra Banerjee, Partner from Fox Mandal & Associates.