Kiri Dyes closed at Rs 686, higher by Rs 28 or 4%, on the BSE. It opened at Rs 665 and touched a high of Rs 690 and a low of Rs 662 during the day. The stock saw trading volumes of 864,118 shares as against the 2-week average of 361,083 shares.
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(Updated at 1020 am)
Kiri Dyes and Chemicals Ltd (KDCL) has moved up on news that it is in the process of acquiring DyStar Group. The stock is trading at Rs 673.90, higher by Rs 16 or 2%, on the BSE. It opened at Rs 665 and has touched a high of Rs 675 and a low of Rs 662 thus far.
The Ahmedabad-based KDCL will make the purchase for 1 Euro. However, it will have to invest close to Rs 850-900 crore for re-paymemt of debt and restructuring of the company.
DyStar Group is a global leader in dyes and dyes solution. Owned by Platinum Equity, it has a market share of 21%. The move will put Kiri Dyes in the league of companies with a billion dollar turnover.
