KEMISTAR CORPORATION LIMITED K P International Private Limited agreed to acquire Kemistar Corporation Limited (BSE:531163) in a reverse merger transaction on February 23, 2018. Kemistar Corporation Limited will issue 4.35 million shares, in the ratio of 204 equity shares of Kemistar Corporation Limited for every 100 shares of K P International Private Limited. Kemistar Corporation Limited will allot shares at a price of INR 14.77 per share.
The share issuance represents 69.98% stake of Kemistar Corporation Limited. The transaction is approved by the board of directors of Kemistar Corporation Limited at its meeting held on February 23, 2018. The transaction is subject to approval of the shareholders of Kemistar Corporation Limited, Stock Exchange or any other regulatory agency.
The transaction is expected to close within a period of 15 days from the date of passing of the resolution by the shareholders.
