Indo Amines Limited entered into a scheme of amalgamation to acquire Pious Engineering Private Limited for approximately INR 190 million.
August 08, 2022
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Indo Amines Limited (BSE:524648) entered into a scheme of amalgamation to acquire Pious Engineering Private Limited for approximately INR 190 million on August 8, 2022. In consideration of the scheme, Indo Amines shall issue and allot 537 of its equity shares for every 10 equity shares held by the shareholders of Pious Engineering Private Limited. Under the scheme, 1.93 million shares of Indo Amines will be issued as consideration. On the scheme becoming effective, Pious Engineering shall stand dissolved without winding up. For the year ending March 31, 2022, Pious Engineering reported revenues of INR 34.37 million and net worth of INR 0.33 million. The Board of Directors of Indo Amines at its meeting based on the recommendation of Audit Committee and Independent Directors Committee and subject to such approvals, consents, permissions and sanctions, as may be required, approved the scheme of amalgamation of Pious Engineering Private Limited with Indo Amines Limited. The board of Indo Amines approved the scheme of Amalgamation at its meeting held on Monday, April 3, 2023. As of July 19, 2023, Indo Amines received approval from National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The Scheme of Amalgamation remains subject to receipt of applicable regulatory and other approvals.
Corporate Capital Venture Private Limited acted as fairness opinion provider for Indo Amines.
Indo Amines Limited is an India-based chemical manufacturing company. The Company is engaged in the business of manufacturing, selling and distribution of specialty chemical with diversified customer into agrochemicals, pharmaceuticals, high performance polymers, paints, pigments, printing inks, rubber chemicals, and others. Its fine chemicals include aliphatic animes, aromatic animes, aliphatic nitriles, aromatic nitriles, halides, alcohols, cycloalkanols, cycloalkanones, acids & esters, advanced intermediates, anime hydrochlorides, ethanolamines, and others. Its specialty chemicals fatty acids, fatty amides, fatty amines, fatty Diamines, fatty tertiary amines, fatty polyamines, fatty anime ethoxylates and fatty ammonium quats. Its performance chemicals anticaking agent, granulating aid, defoamers, anticaking cum coloring agent, curing aid for SSP, antistatic agent, antistripping agent, antifoaming agent for phosphoric acid plant, bitumen emulsifier, and others.