Moneycontrol
Get App
Last Updated : Dec 19, 2019 12:10 PM IST | Source: Moneycontrol.com

Clariant Chemicals share price jumps 10% on Masterbatch biz sale

The company sold this Masterbatch for Rs 426 crore.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of Clariant Chemicals rallied 9.8 percent intraday on December 19 after the company sold its Masterbatch business to a subsidiary of PolyOne for Rs 426 crore.

"The board of directors unanimously approved the sale of Masterbatch Business to PolyOne Polymers India or its affiliate in India, on a going concern basis by way of slump sale, subject to the approval of the shareholders by way of Special Resolution through Postal Ballot and all other applicable statutory approvals," the speciality chemical maker said in its BSE filing.

The business unit had contributed Rs 282.82 crore revenue in the financial year 2018-19, which is 29 percent of the total revenue of Clariant and EBIT contribution was Rs 4.57 crore.

Close

The sale of unit is aligned with the global strategy of the parent company, Clariant said.

The stock was quoting at Rs 339.90, up Rs 20.70, or 6.48 percent on the BSE at 1145 hours IST.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Dec 19, 2019 12:10 pm
Sections
Follow us on
Available On