DCM Shriram Ltd to acquire balance 50% stake in Shriram Axiall Pvt Ltd

The Board of Directors of DCM Shriram Ltd in their meeting held through Video Conference on 13.9.2021, has approved the proposal to acquire / buy 17,32,500 (Seventeen Lakh Thirty Two Thousand and Five Hundred only) equity shares of Rs. 10/- each of Shriram Axiall Pvt. Ltd.(SAPL), {a 50:50 JV between the Company and Axiall LLC, (USA)}, from Axiall LLC, being entire 50% of the paid-up share capital held by Axiall LLC in SAPL.

As per JV agreement, Axiall LLC has given us the option, either to buy their shares in SAPL or to sell the Company's shares in SAPL to Axiall LLC. The Board of Directors of the Company considered the above options and the proposal to acquire / buy entire 50% shareholding held by Axiall LLC in SAPL, has been approved by the Board.

Post this acquisition, SAPL will become wholly owned subsidiary of the Company.

Shares of DCM Shriram Limited was last trading in BSE at Rs. 966.2 as compared to the previous close of Rs. 950.4. The total number of shares traded during the day was 12698 in over 1927 trades.

The stock hit an intraday high of Rs. 982.3 and intraday low of 952. The net turnover during the day was Rs. 12335522.

Source : Equity Bulls

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