Balaji Amines Limited agreed to acquire remaining 34% stake in Balaji Greentech Products Limited.
February 05, 2017
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Balaji Amines Limited (BSE:530999) agreed to acquire remaining 34% stake in Balaji Greentech Products Limited on February 6, 2017. Under the terms of the transaction, the share exchange ratio has been arrived at nil. Balaji Greentech Products Limited has turnover of INR 191.7 million and net worth of INR 92 million. The transaction is subject to approval of shareholders and creditors of Balaji Amines, regulatory authorities including Securities and Exchange Board of India, stock exchange approval and approval from National Company Law Tribunal of Judicature at Mumbai for the State of Maharashtra. The transaction is unanimously approved by Board of Directors of Balaji Amines. As on September 22, 2017, Balaji Amines Limited announced that the shareholder and sundry creditors meeting will be held on October 25, 2017. Shareholders of Balaji Amines Limited (BSE:530999) approved the transaction in the meeting. As of February 22, 2018, National Company Law Tribunal, Mumbai Bench approved the transaction. Mark Corporate Advisory Services Private Limited acted as financial advisor for Balaji Amines Limited.
Balaji Amines Limited is an India-based company, which is engaged in the business of manufacturing of specialty chemicals, aliphatic amines and derivatives. The Companyâs segments include Amines & Specialty Chemicals and Hotel Division. It also owns a five-star Hotel in Solapur, Maharashtra. Its products include amines, derivatives, specialty chemicals and pharma excipients. Its amine products include MONOMETHYLAMINE (MMA), DIMETHYLAMINE (DMA), TRIMETHYLAMINE and others. Its specialty chemical products include N-Methyl Pyrrolidone (NMP), Morpholine, 2-PYRROLIDONE (2-P), N-ETHYL-2-PYRROLIDONE, GAMMA-BUTYROLACTONE, ACETONITRILE (ACN) and others. Its derivatives products include Di-Methyl Acetamide (DMAC); Di-Methyl Amine Hydrochloride (DMA HCL); Tri-Methyl Amine Hydrochloride (TMA HCL); Di-Ethyl Amine Hydrochloride (DEA HCL), and others. Its pharma excipients products include POLY VINYL PYRROLIDONE(PVP-30) IP/BP/JP GRADE and POLY VINYL PYRROLIDONE(PVP-30)-TECHNICAL GRADE.