Anupam Rasayan India Limited (BSE:543275) signed a share purchase agreement to acquire 24.96% stake in Tanfac Industries Limited (BSE:506854) from Pilani Investment and Industries Corporation Limited (NSEI:PILANIINVS), Birla Group Holdings Private Limited and Askaran Aggrawal for INR 1.5 billion on February 1, 2022. As per terms, Anupam Rasayan will acquire 2.489 million shares at INR 595 per share. In a related transaction, Anupam Rasayan has made an offer to acquire additional 26% stake in Tanfac Industries Limited. Post completion, Anupam Rasayan will make a joint venture with Tamil Nadu Industrial Development Corporation Limited for Tanfac. Arindam Ghosh, Mehul Shah of Khaitan & Co. acted as legal advisor to Pilani Investment and Industries Corporation Limited and Birla Group Holdings Private Limited.

Anupam Rasayan India Limited (BSE:543275) completed the acquisition of 24.96% stake in Tanfac Industries Limited (BSE:506854) from Pilani Investment and Industries Corporation Limited (NSEI:PILANIINVS), Birla Group Holdings Private Limited and Askaran Aggrawal on March 11, 2022.