Himadri Specialty Chemical witnessed a 2.5% increase in its shares during morning trading on March 21 following its announcement of acquiring a 40% stake in Invati Creations, a company specializing in engineering lithium-ion electrode materials, for Rs 45.16 crore.
According to a regulatory filing on March 20, Himadri will provide Rs 19.99 crore in cash, with the remaining consideration settled through a share swap involving 7,96,446 equity shares of face value Rs 1 each.
Trading at Rs 323 on the National Stock Exchange at 9:20 am, the share marked an increase of over 1% from the previous close and has seen a remarkable 271% growth in the past year.
The move reflects Himadri’s vision of producing high-quality lithium-ion battery materials, demonstrating its commitment to exploring innovative technologies in the battery material segment.
Himadri will appoint two nominee directors to Invati’s board, granting the company significant influence and fostering close collaboration and synergy between the two entities.
In the December quarter, Himadri reported a record 71% year-on-year increase in net profit, reaching Rs 108.80 crore, while revenue experienced a modest 1.5% growth to Rs 1,052.50 crore.
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