Hindprakash Industries (HIL) has acquired 19,00,000 equity shares of face value of Rs 10 each fully paid up i.e. stake of 19.39% in Orio Shanghai Colours (OSCPL) from Existing shareholder of OSCPL. The consideration of Rs 4.37 crore has been paid in cash for purchase of shares of OSCPL.
Further, the company is proposing to purchase another 29,01,980 equity shares (29.61%) each fully paid up, of Orio Shanghai Colours (OSCPL), from the existing shareholders of the company. Post transaction, it will hold 49.00% stake in OSCPL. It is expected to complete the said transaction of acquisition of balance 29.61% stake by June 30, 2023.
Hindprakash Industries is engaged in the manufacturing and trading of dyes, auxiliaries, intermediates and chemicals.
