G E Chemical Company S.A., Luxembourg to acquire 25.1% stake in Daikaffil Chemicals India Ltd

Daikaffil Chemicals India Ltd has informed BSE that the Company has received a proposal from M/s G E Chemical Company S.A., Luxembourg to acquire 25.1% of the Equity Share Capital of the Company by way of preferential allotment at a price of Rs 15/- per share, as a strategic partner to expand capacities of its existing product line viz;- Optical Brighteners for Global & Local Markets as well as to give technology to manufacture Speciality Chemicals & Key Textile Auxiliaries for the Textiles Industries.

Further the Company has informed that, the Board of Directors of the Company through circulation on July 12, 2006, has resolved to offer and issue 17,59,700 Equity shares of Rs 10/- each at the premium of Rs 5/- per share to G.E. Chemical Company S.A., Luxembourg constituting about 25.10% of the total post issue paid up Share Capital / Voting Rights of the Company, subject to necessary provisions & approvals.

Source : Equity Bulls

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