In a long-drawn litigation on valuation for Kiri Industries Limited’s 37.57 per cent stake in DyStar Global Holdings Pte Ltd, the Singapore International Commercial Court (SICC) awarded the value of Kiri’s stake at $482.50 million (or ₹3,500 crore).

The court also observed two “minor adjustments” in relation to application of tax rate for fiscal 2018, and DyStar Group Tax Rate pertaining to Longsheng fees.

Kiri’s management claims that the two adjustment would be less than $2 million and hence the value of Kiri’s stake in DyStar determined by the court would still be around $480 million.

“The final crystallisation of this residual minor adjustment is expected to be done by Singapore Court, within the next 3-4 weeks, as per assessment of our legal team,” Kiri said in a statement on Friday.

Kiri Industries had filed a minority oppression suit against Senda International Capital Ltd regarding its minority stake held in DyStar. Following the suit, the International court had directed Senda to buyout Kiri’s minority stake held in DyStar.

The order on valuation of Kiri’s stake was pronounced on Thursday.

This comes as a big positive development for Ahmedabad-based dyes major, which will get nearly ₹3,500 crore from the outcome of the judgment.

“We believe this transaction to happen within this fiscal and the amount will get reflected in our balance-sheet of 2021-22,” an official of Kiri Industries said.

Notably, Kiri Industries shares have rallied over the past one month from ₹442 on May 4 to ₹594.49 on June 4, rising by over 34 per cent within a month. On Friday, the shares ended at ₹594.4, up 15.32 per cent on the BSE.

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