Pioneer Jellice India Pvt Ltd, a joint venture company formed by Sivakasi-based Pioneer Asia Group and Japan’s Jellice and Sivakasi-based Ashok Matches and Timbers, will acquire 100 per cent of Narmada Gelatines Ltd, for a total value of ₹148 crore.

They will acquire 75 per cent of the company for ₹103 crore. They have made an open offer to acquire 15.12 lakh of face value of ₹10 each at an offer price of ₹303 per share for a total value of ₹45 crore. This represents 25 per cent of the total voting capital of Narmada Gelatines.

A Share Purchase Agreement was signed on June 9 to acquire 45.37 lakh share of the target company constituting 75 per cent of the company at a price of ₹229 per equity shares.

Pioneer Jellice, with a net worth of ₹103 crore, manufactures gelatine for pharmaceutical and food applications, while Ashok Timber’s net worth is nearly ₹204 crore, according to a public statement on the open offer.

Narmada Gelatines is engaged in the business of manufacturing pharma gelatines, industrial gelatines, edible gelatines, and di-calcium phosphate for poultry feed. The company’s promoter is Alfamont (Mauritius) Ltd, the document said quoting The company reported a net profit of ₹15.29 crore on revenue of ₹193 crore for the fiscal ending March 31, 2023 as against a net profit of ₹12.34 crore on revenue of ₹160 crore for the corresponding fiscal.

On Monday, the share price of Narmada Gelatines touched upper circuit at ₹376.20. On Tuesday, at the time of filing this copy, the company’s share price on the BSE closed at ₹425, up by 12.97 per cent.