Punjab Chemicals close to Belgian deal: Srcs

CNBC-TV18 learns that Punjab Chemicals is all set to buy a European company.

Sources say that Punjab Chemicals will be announcing acquisition of a Belgian based company soon. The deal size is likely to be around Rs 200-300 crore and will issue fresh equity to FI or PE player. The promoters are already in UK to close the deal. The board has already approved raising up to Rs 400 crore via FCCB or GDR or ADR or PE. They have already increased the FII limit from 24% to 49%. If the deal goes through, the sales of the company will double from where it is currently.

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