SRF Limited has gained around 8% to Rs 948.50 in BSE after acquiring Global DuPont's Dymel Brand of HFC 134a which is a propellant used in applications where solubililty in water is important, such as hair spray, deodorants and other personal care items, as well as household aerosols such as air fresheners and paints.
Under the agreement, SRF will own Du Font’s ‘Dymel’ brand and receive the technology and knowhow for setting up its own ‘current Good Manufacturing Practices’ (cGMP) facility for manufacturing HFC 134a Pharma grade. DuPont will supply SRF the product from its existing facility till SRF’s facility is approved. The consideration for the transaction is USD 20 million payable in cash.
SRF Limited has two plants for manufacture of technical grade of HFC 134a. It is envisaged that HFC 134a pharma will form a part of the downstream products from these plants. It is SRF’s endeavour to constantly move up the value chain and this acquisition is a move in that direction.
The stock opened at Rs Rs 913.25 and has hit a high of Rs 972 while around 10 lac shares have changed hadns on BSE and NSE combined till 10:45 hrs.
