Smartchem technologies to acquire majority stake in Performance Chemiserve Private Limited

Smartchem technologies Ltd. (STL) a wholly owned subsidiary of Deepak Fertilisers and Petrochemicals Corporation Limited DFPCL has decided to acquire majority stake in Performance Chemiserve Private Limited (PCPL), a Company engaged in packaging services to the chemical industry since 2006.

STL proposes to take up to 76% equity stake in PCPL by way of a fresh issue to fund further growth.

After the acquisition of shares by STL, PCPL would become the Subsidiary of STL and Step-down Subsidiary of DFPCL.

Shares of DEEPAK FERTILISERS & PETROCHEMICALS CORPORATION LTD. was last trading in BSE at Rs.256.5 as compared to the previous close of Rs. 262.95. The total number of shares traded during the day was 109392 in over 2402 trades.

The stock hit an intraday high of Rs. 272.5 and intraday low of 254. The net turnover during the day was Rs. 28569202.

Source : Equity Bulls

Keywords