Indokem Limited entered into Scheme of Amalgamation to acquire Refnol Resins and Chemicals Limited for approximately INR 150 million.

Indokem Limited (BSE:504092) entered into Scheme of Amalgamation to acquire Refnol Resins and Chemicals Limited (BSE:530815) for approximately INR 150 million on July 27, 2021. Under the terms, Indokem will issue 1.077 shares for each share of Refnol. The Scheme is subject to receipt of approvals of share holders and creditors of the companies involved and approval of other regulatory authorities as may be requ ired, including those of the BSE Limited, Securities and Exchange Board of India and the National Company Law Tribunal, Mumbai Bench.

Board of Directors of Indokem and Refnol approved the transaction. April 1, 2021 or such other date as may be fixed or approved by the National Company Law Tribunal as appointed date for the scheme. Niranjan Kumar of Galactico Corporate Services Limited issued a fairness opinion for share exchange ratio.