Indo Amines Limited cancelled the acquisition of Solvents Private Limited from Vijay Bhalchandra Palkar, Bharati Vijay Palkar, Rahul Vijay Palkar and others.
June 19, 2018
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Indo Amines Limited (BSE:524648) agreed to acquire Sigma Solvents Private Limited from Vijay Bhalchandra Palkar, Bharati Vijay Palkar, Rahul Vijay Palkar and others for INR 35.5 million on December 16, 2016. Under the terms, 10 equity shares of Indo Amines Limited will be issued for every 26 equity shares of SIGMA Solvents Pvt. Ltd. As of February 22, 2017, Vijay Bhalchandra Palkar, Bharati Vijay Palkar and Rahul Vijay Palkar hold 15% stake each in SIGMA Solvents Pvt. Ltd. The transaction was approved by the Board of Indo Amines and will be reconsidered in the next Board meeting to be held on February 15, 2017. As on September 28, 2017 Indo Amines Limited announced that the Meeting of Equity Shareholders will be held on October 30, 2017. As on October 30, 2017, shareholders approved the transaction. As on November 29, 2017, Mumbai Bench of the National Tribunal approved the transaction. As per the announcement dated January 30, 2018, Indo Amines Limited allotted 0.43 million shares to the shareholders of SIGMA Solvents Pvt. Ltd.
P.M. Dalvi & Co. acted as a valuer and Corporate Strategic Allianz Ltd. acted as a fairness opinion provider in the deal. Arihant Capital Markets Limited acted as a fairness opinion provider to Indo Amines Limited.
Indo Amines Limited (BSE:524648) cancelled the acquisition of Solvents Private Limited from Vijay Bhalchandra Palkar, Bharati Vijay Palkar, Rahul Vijay Palkar and others on June 20, 2018.
Indo Amines Limited is an India-based chemical manufacturing company. The Company manufactures organic and inorganic chemical compounds. The Company provides fine chemicals, specialty chemicals, performance chemicals, perfumery chemicals and active pharmaceuticals ingredients. Its fine chemicals include aliphatic animes, aromatic animes, aliphatic nitriles, aromatic nitriles, halides, alcohols, cycloalkanols, cycloalkanones, acids & esters, advanced intermediates, anime hydrochlorides, ethanolamines and others. Its specialty chemicals fatty acids, fatty amides, fatty amines, fatty Di-amines, fatty tertiary amines, fatty polyamines, fatty anime ethoxylates and fatty ammonium quats. Its performance chemicals anticaking agent, granulating aid, defoamers, anticaking cum coloring agent, curing aid for SSP, antistatic agent, antistripping agent, antifoaming agent for phosphoric acid plant, bitumen emulsifier, floatation agent, corrosion inhibitors, demulsifier, anti-bacterial and others.
INDO AMINES LIMITED 