Clariant Chemicals gains 4% on sale of 3 units to Archroma

Moneycontrol Bureau

Investors are buying shares of Clariant Chemicals in morning trade Friday with the stock rising more than 4 percent after the company decided to sell its three units for Rs 209.15 crore.

"The board of directors has approved the sale of the undertaking comprising of business of textile chemicals, paper specialties and emulsions to Archroma India," the company said in its filing.

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Archroma India is owned by SK Spice Sarl, an affiliate of SK Capital Partners, a US based private investment firm and a total consideration for transaction is fixed at Rs 209.15 crore.

The board also approved relocation of the Masterbatches Plant from Kolshet, Thane to Renaissance Industrial & Warehousing Complex, Bhiwandi. The plant will become operational from December, 2013.

At 10:20 hours IST, the stock was up 2.41 percent at Rs 518.05 on the Bombay Stock Exchange.

(Posted by Sunil Shankar Matkar)