Stocks

Fairchem Organics lists at ₹659 after demerger

Our Bureau Chennai | Updated on December 24, 2020

Promoters launch open offer at ₹575.53 a share

The stock of Fairchem Organics, the resultant entity from Fairchem Speciality Ltd, got listed on Thursday at ₹659 on the BSE and closed at ₹640.

The equity shares of Fairchem Organics Ltd were admitted to dealings on the BSE under ‘T’ group from Thursday.

FIH Mauritius Investments Ltd along with FIH Private Investments Ltd, Nahoosh Jariwala and others, as the persons acting in concert, have announced a mandatory open offer for acquisition of up to 33.78 lakh shares fully paid-up equity shares of face value of ₹10 each from the public shareholders of Fairchem Organics, representing 25.94 per cent, of the voting share capital, at ₹575.53 a share for total consideration of ₹194.41 crore.

Following the composite scheme of arrangement and amalgamation between Privi Speciality Chemicals Ltd (formerly Fairchem Speciality Ltd - the demerged company) and Fairchem Organics Ltd (resulting company), the demerged undertaking of Privi Speciality Chemicals was transferred into Fairchem Organics.

The latter had allotted one share of ₹10 each for every 3 fully paid-up equity shares of ₹10 each held in Privi Speciality Chemicals.

Shares of Privy Speciality Chemicals closed 0.14 per cent lower at ₹554 on the BSE.

The acquirers had entered into a share purchase agreement on May 22, 2019, with Privy Speciality Chemicals to purchase 23.31 lakh shares, representing 17.9 per cent of the voting share capital, for cash at ₹575.53.

Published on December 24, 2020

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