Kanoria Chemicals, APAG sign legally binding agreements with Novares

13 Aug 2018

Kanoria Chemicals & Industries and its wholly owned subsidiary, APAG Holding AG, Switzerland (APAG) have signed legally binding agreements with Novares Venture Capital SAS, France (Novares) for the issue of 75 new equity shares of the face value of CHF 1000 each in APAG at a premium of about CHF 98,765 per share to Novares for a total cash consideration of CHF 7,482,380. The closing of the transaction is scheduled to take place on or before October 31, 2018.

Following the issue and allotment of new shares, the company will hold 80% and Novares 20% shares in the increased capital of APAG and the status of APAG will change from a wholly owned subsidiary to being a subsidiary of the company.

Kanoria Chemicals & Industries is a leading manufacturer of chemical intermediates in India.

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