Insecticides India to merge Advance Crop Solutions Ltd

Insecticides India Ltd has announced that the meeting of the Board of Directors of the Company was held on April 24, 2009. During the course of the meeting, as part of any other item of the Agenda, it was proposed by one of the Directors to consider amalgamation of Advance Crop Solutions Ltd (a wholly owned subsidiary of the Company) with the Company. The Board considered that the Company is not required to issue any further shares of account of amalgamation. The Board further noted that the transferor Company is also a profit making Company and hence the merger of wholly owned subsidiary with the Company will not be prejudicial to the interest of the shareholders and creditors of the Company in any manner.The Board constituted a committee of 3 directors comprising of Mr. Rajesh Aggarwal, Mr. Navneet Goel and Mr. Gopal Chandra Aggarwal, to finalize the Scheme of Amalgamation in consultation with the legal advisors, to do all other acts and deeds as may be required in relation thereto and to arrange to file the same with the stock exchanges.

Source: EquityBulls

BASF to acquire 20% stake in Ciba India through ‘Open Offer’

BASF SE, the world´s leading chemical company, has notified that it will make an open offer to buy up to 20 percent of Ciba India Ltd at Rs 237.13 per share after taking over its Swiss parent Ciba Holdings AG. According to an official release, the date of opening of the offer is June 04, 2009 and the date of closing of the offer is June 23, 2009. The offer follows BASF SE's global acquisition of Ciba Holding AG, a parent of Ciba India, which owns 69.28 percent in the local firm.
Last week, Germany-based BASF had completed its $5.1 billion cash acquisition of Ciba, a specialty-chemicals company based in Switzerland. It should be noted that according to the Indian market rules, BASF has to buy additional 20% equity shares from shareholders of Ciba India, because the stock exchange believes that the global buy indicates an indirect acquisition of the Indian unit. Presently, BASF holds 95.8% of Ciba Holding shares. JM Financial Consultants Pvt. Ltd. will be managers of the offer on behalf of BASFRead more: BASF to acquire 20% stake in Ciba India through ‘Open Offer’

Indiastar Fund picks up 18.5% stake in IOL Chem

The $2-billion Indiastar (Mauritius) fund, foreign private equity investor, has picked up an 18.5 per cent equity stake in Punjab-based IOL Chemicals and Pharmaceuticals Ltd (formerly known as Industrial Organics Ltd), a leading manufacturer of industrial chemicals and bulk drugs in the country.

IOL Chemicals and Pharmaceuticals Ltd, based out of Ludhiana-Punjab, manufacturers and exportersindustrial chemicals, organic chemicals and drugs like Glacial Acetic Acid, Ethyl Acetate, Acetic Anhydride, Ibuprofen.

The company has completed the expansion of its capacities of acetic acid to 50,000 TPA, Ethyl Acetate to 33,000 TPA, Acetic Anhydride to 12,000 TPA and Ibuprofen to 3,600 TPA. The company has also put up a 4Mw cogeneration power plant for captive consumption.

The company is also going in for expansion of Rs180 crores to be funded partly by aforesaid securities, debt from financial institutions and internal accruals.

The company would further expand Ibuprofen capacity to meet the growing export demand. Currently, it is exporting its finished products mainly in South Asian countries.

The major customers for the company include United Phosphorus Ltd, Rallis India Limited, Ranbaxy Laboratories Limited, Nector Life Science Limited etc .

IOLCP is also exporting products to countries such as Bangladesh, Dubai, Libya, Lebanon, Thailand, Syria & Singapore.

(Source: Business Standard)