Anupam Rasayan India Ltd will acquire 2,60,065 equity shares of its subsidiary Tanfac Industries Ltd for an aggregate consideration of about ₹61 crore, strengthening its holding in the fluorine chemicals business.
The board has approved the acquisition at an issue price of ₹2,341 a share through a preferential issue. The transaction will involve the subscription to equity shares proposed to be issued by Tanfac.
Acquisition through preferential issue
Tanfac is a subsidiary of the company and, accordingly, the proposed acquisition does not fall within the definition of a related-party transaction.
The promoter or group companies do not have any interest in Tanfac other than through their shareholding in Anupam Rasayan and the latter’s shareholding in Tanfac.
Tanfac focuses on fluorine chemistry
Tanfac Industries operates in the chemicals and petrochemicals industry, with a particular focus on fluorine chemistry and the manufacture of industrial and fluorine-based chemicals.
Its product portfolio includes anhydrous hydrofluoric acid, solar-grade diluted hydrofluoric acid, diluted hydrofluoric acid, potassium fluoride, potassium bifluoride, sulphuric acid, oleum, boron trifluoride complexes and aluminium fluoride.
Products serve multiple industries
Tanfac also manufactures other fluorine derivatives used across a range of industries, including refrigerants, solar cells, steel surface treatment, glass etching, fluoropolymers, lithium batteries, agrochemicals and pharmaceutical intermediates.
The company’s manufacturing facilities and office operations are located in India, while its customer base is spread across domestic and international markets.
International customer base
Tanfac serves customers across India as well as markets including the US, Brazil, Japan, South Korea, Thailand, the UAE, Bangladesh, Israel, Turkey and Singapore.
The acquisition will further strengthen Anupam Rasayan’s exposure to Tanfac’s fluorine chemistry portfolio and its applications across industrial, energy, pharmaceutical and agrochemical sectors.