Heranba Industries acquires 48.5% stake in Daikaffil Chemicals

In a significant move in the agrochemical industry, Heranba Industries Limited, through its subsidiary Mikusu India Private Limited, today confirmed the acquisition of a 48.49% stake in Daikaffil Chemicals India Limited. The deal saw the purchase of 29,09,719 equity shares at a rate of Rs.24 per share, totaling an investment of Rs.6.98 Crores.

Open Offer to Daikaffil Chemicals’ Public Equity Shareholders

Following the acquisition, Heranba Industries has made an open offer to the public equity shareholders of Daikaffil Chemicals to procure up to 26% of the fully diluted outstanding equity share capital. This offer, priced at Rs.38.72 per share, aligns with the requirements set by the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Strategic Growth and R&D Initiatives Post-Acquisition

The managing director of Heranba Industries, Raghuram K. Shetty, expressed that this acquisition is a strategic step towards setting up a Research and Development Centre. This centre aims to foster collaboration and partnerships with leading global entities in sectors like Agrochemicals, Pharmaceuticals, BioPharmaceuticals, and Specialty Chemical space. Shetty emphasizes that this move is in sync with the company’s strategy to enhance its portfolio and presence in growth markets.

The acquisition by Heranba Industries signifies a potential surge in R&D advancements and international partnerships within India’s agrochemical sector. With this development, the company solidifies its position and commitment to expanding its footprint and contributing to the industry’s growth.