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Outcome of Board Meeting

Updated on: Dec 16, 2013

Clariant Chemicals (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 16, 2013: 1. Considered and approved the proposal for acquisition of masterbatch business from Vadodara based M/s. Plastichemix Industries, having its production facilities located at Rania, Nandesari and Kalol in Gujarat, as going concern for a consideration of Rs. 135 crore, subject to terms and conditions set out in the draft agreement. The effective date for acquisition is planned to be Q1, 2014. 2. Subject to the approval of the shareholders, pursuant to the provision of the Companies Act, 1956, considered the proposal for sale of the business of leather services, for a net consideration of Rs. 156 crores, subject to necessary adjustment as on the effective date. The notice of postal ballot, as approved by the Board, will be sent to the shareholders for their approval in accordance with provisions section 192A(2) of the Companies Act, 1956.

Source : BSE - >www.bseindia.com

Published on December 16, 2013

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