SRF soars on inking definitive agreement with E.l. DuPont De Nemours and Company

02 Jan 2015 Evaluate

SRF is currently trading at Rs. 958.50, up by 78.85 points or 8.96% from its previous closing of Rs. 879.65 on the BSE.

The scrip opened at Rs. 913.25 and has touched a high and low of Rs. 964.00 and Rs. 909.70 respectively. So far 88,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 964.00 on 02-Jan-2015 and a 52 week low of Rs. 197.00 on 27-Jan-2014.

Last one week high and low of the scrip stood at Rs. 964.00 and Rs. 859.05 respectively. The current market cap of the company is Rs. 5,535.00 crore.

The promoters holding in the company stood at 52.38% while Institutions and Non-Institutions held 25.02% and 22.60% respectively.

SRF has inked a definitive agreement with E.l. DuPont De Nemours and Company, USA, which is effective immediately upon signing on December 31, 2014. This step has been taken pursuant to an authorization from the board.

Under the transaction, SRF acquires Global DuPont Dymel HFC 134a Pharma Business, will own Du Font’s ‘Dymel’ brand and receive the technology and knowhow for setting up its own ‘current Good Manufacturing Practices’ (cGMP) facility for manufacturing HFC 134a Pharma grade. DuPont will supply SRF the product from its existing facility till SRF’s facility is approved. The consideration for the transaction is $20 million payable in cash.

SRF has two plants for manufacture of technical grade of HFC 134a. It is envisaged that HFC 134a pharma will form a part of the downstream products from these plants. It is SRF’s endeavour to constantly move up the value chain and this acquisition is a move in that direction.

SRF is a leader in refrigerants, engineering plastics and industrial yarns in India. The company also manufactures polyester films and fluoro specialties. Besides India, SRF has a presence in Dubai, South Africa and Thailand.

SRF Share Price

2320.65 -3.90 (-0.17%)
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