Anupam Rasayan has launched an open offer to the shareholders of Tanfac Industries. .
The open offer is to acquire up to 25.93 lakh equity shares, representing 26 per cent of the Voting Share Capital, from the Public Shareholders, at a price of ₹595 a share. The stock of Tanfac Industries closed at ₹651.15 on the BSE on Wednesday.
Anupam Rasayan India Ltd, a speciality chemical company, has proposed to buy 24.96 per cent of the total equity shareholding of and joint control of Tanfac from Birla Group Holdings Private Ltd, a promoter company, which is part of Aditya Birla Group, and a few other promoter group.
The consideration for the acquisition of shares of TIL is ₹148.14 crore and the open offer (assuming full acceptance) is ₹154.31 crore. Pursuant to the completion of the deal, ARIL will become a promoter and will have joint control in TIL along with TIDCO.
Incorporated in 1972, Tanfac reported a total income of ₹164 crore and a PAT of ₹31 crore for the 6-month period ended September 30, 2021.