SRF shares surge over 5% on acquisition

Shares of diversified firm SRF Ltd today surged over 5 per cent after the company announced acquisition of US-based firm DuPont's pharmaceutical propellant business under the Dymel brand for USD 20 million (over Rs 120 crore) in an all-cash deal.
SRF's scrip rose by 4.86 per cent to settle at Rs 922.40 on the BSE. During the day, it jumped 10.49 per cent to Rs 972 -- its 52-week high level.
On the NSE, it climbed 5.19 per cent to close the day at Rs 921.90.
In terms of volume, 3.34 lakh shares of the company changed hands at the BSE, while more than 14 lakh shares were traded at the NSE during the day.

The company signed a definitive agreement with E I DuPont De Nemours and Company USA on December 31 for the transaction, SRF Ltd had said in a filing to the BSE yesterday.
"Under the transaction SRF acquires Global DuPont Dymel HFC 134a pharma business, will own Du Font's Dymel brand and receive the technology and knowhow for setting up its own current Good Manufacturing Practises (cGMP) facility for manufacturing HFC 134a pharma grade," it added.
DuPont will supply SRF the product from its facility till SRF's facility is approved. The consideration for the transaction is USD 20 million payable in cash, SRF had said.