PCBL shares gain 3% on buying Aquapharm Chemicals for Rs 3,800 crore

The company has executed a share purchase agreement with ACPL, Mr. Vimal V. Mangwani, Mr. Dharmesh Mangwani, Mr. Nitin Raojibhai Desai and other shareholders of ACPL.

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Carbon black manufacturer PCBL recorded a 3 percent rise in share price in the opening trade on November 29 after the company received the board approval for the acquisition of 100 stake in Aquapharm Chemicals.

At 9:18am, PCBL was quoting Rs 262.10, up Rs 7.80, or 3.07 percent, on the BSE.

The board of directors of the company at the meeting held on November 28, approved the acquisition, directly or through one of its affiliates, of 2,12,172 shares of Aquapharm Chemicals Private Limited (ACPL), for an aggregate consideration of Rs 3,800 crore.

The company has executed a share purchase agreement with ACPL, Vimal V Mangwani, Dharmesh Mangwani, Nitin Raojibhai Desai and other shareholders of ACPL, for undertaking the proposed transaction, subject to obtaining all necessary approvals and fulfillment of other customary conditions, as per the terms and conditions specified in the SPA.

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The proposed transaction shall be financed through a mix of internal accruals and external fund raise by the company and/or its affiliates/associates, said PCBL. The deal is subject to approval from the Competition Commission of India and other customary related filings and approvals.

Research firm DAM Capital has maintained the ‘buy’ rating on the stock with a target at Rs 293 per share.

The company announced an entry into the non-carbon black space through the acquisition of Aquapharm Chemicals for Rs 3,800 crore in an all-cash deal. The transaction is expected to close by Q4FY24, initially to be debt-funded.

Strategically, Aquapharm Chemicals’ deal further reduces company’s tyre industry concentration and also reduce associated volatility which is a key positive.