Archean Chemical Industries Ltd pays entire sale consideration to liquidator of Oren Hydrocarbons Pvt Ltd

Archean Chemical Industries Limited has announced that the entire sale consideration of INR 76,90,74,066.00 /- (Rupees seventy-six crores ninety lakhs seventy-four thousand and sixty-six only) has been paid and the liquidator has issued the sale certificate dated 22.02.2024 under the provisions of Insolvency and Bankruptcy Code, 2016 and its regulations in force, in favour of Idealis Chemicals Private Limited having CIN U20299TN2023PTC164103, a wholly owned subsidiary of Archean Chemicals India Limited.

M/s. Idealis Chemicals Private Limited, will be filing the necessary application with the Hon'ble NCLT, Chennai bench for appropriate approval.

Idealis Chemicals Private Limited was declared as the successful bidder for acquiring Oren Hydrocarbons Private Limited as a going concern in the auction conducted by the liquidator Mr. Radhakrishnan Dharmarajan, on 21st December 2023 in terms of the Insolvency and Bankruptcy Code, 2016.

Shares of Archean Chemical Industries Limited was last trading in BSE at Rs. 758.80 as compared to the previous close of Rs. 740.10. The total number of shares traded during the day was 137135 in over 6739 trades.

The stock hit an intraday high of Rs. 767.00 and intraday low of 732.60. The net turnover during the day was Rs. 103787960.00.

Source : Equity Bulls

Keywords

ArcheanChemicalIndustries INE128X01021 ACI SpecialtyChemicals Acquisition Liquidator Insolvency OrenHydrocarbons