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Ashok Alco-Chem to acquire stake in Aeon Procare

18 Dec 2019 Evaluate

Ashok Alco-Chem has received approval for acquisition of 35,000 equity shares of Aeon Procare from the existing shareholders of Aeon, thereby making it a wholly-owned subsidiary of the Company. The cost of acquisition will be Rs 7.87 crore for 35,000 equity shares of Rs 10 each.

This acquisition would increase shareholding of the company in Aeon Procare to 100%. The Board of Directors of the Company at its meeting held on December 16, 2019 has approved the same.

Ashok Alco-Chem is a major manufacturer, importer and exporter of organic chemicals. Their products include ethanol, ethyl acetate and acetic acid. 

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