Himadri Speciality Chemical share price rose 4 percent to hit 52-week high of Rs 307.10 in the early trade on December 6 after the company board approved to set up a manufacturing facility for the production of Lithium-ion Battery (LiB) components.
At 09:20 am. Himadri Speciality Chemical was quoting at Rs 301.20, up Rs 10.50, or 3.61 percent on the BSE.
"........... board of directors at its’ meeting held on December 5, 2023, has approved setting up of the manufacturing facility for the production of Lithium-ion Battery (LiB) components with total annual production capacity of 200,000 MT either directly and/or through its subsidiaries with an estimated project cost of Rs 4,800 crores in phases over a period of 5 to 6 years," the company said in a press release.
This investment will be made largely from internal accruals and balance from debt.
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The board also approved the proposed acquisition of 100 percent shareholding in Himadri Future Material Technology Limited by Himadri Clean Energy Limited (HCEL), a subsidiary of the company.
On completion of the said acquisitions, Himadri Future Material Technology Limited will become a wholly owned subsidiary of HCEL and a step down wholly owned subsidiary of the company.
By this acquisition, the company will set up the manufacturing facility for Cathode Active Material through Step down WOS.
The acquisition is expected to be completed within 60 days from the date of signing of SPA or such date as may be mutually agreed between the parties.
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