Sudarshan Chemical, a global supplier of high-end pigments, is in race to acquire its German competitor Heubach GmbH, sources told CNBC-TV18 on September 3.
Heubach had filed for insolvency in Germany on April 23, 2024 due to high debt burden.
Sudarshan Chemical is likely to have submitted a bid to insolvency administrator, the channel reported.
Shares of Heubach Colorants India Ltd, the India subsidiary of Heubach GmbH, rose after the report emerged. On September 3, the company's shares closed 2 percent higher at Rs 586.5 apiece while those of Sudarshan Chemical closed nearly 2 percent lower at Rs 1,007 apiece.
CNBC-TV18 also reported that the potential deal could trigger an open offer for Heubach Colorants due to change in ownership at the parent.
In June, NSE data showed that Quant Mutual Fund bought around 1,20,000 shares, or 0.51 percent stake, of Heubach Colorants India for Rs 5.44 crore. The stocks were acquired at Rs 453.57 per share on June 20, showed exchange data.
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