The Board of Rossari Biotech on 02 June 2021 has approved the acquisition of Unitop Chemicals. As per the agreement and subject to customary closing conditions, Rossari will be acquiring 100% of the equity capital of Unitop Chemicals. 65% of the equity share capital will be acquired upon closure of the transaction, and the balance 35% over the next two years.
The total consideration for the acquisition of 100% equity stake is Rs. 421 crore. Rossari plans to fund the investment through cash on balance sheet and doesn't intend to raise any debt for this acquisition. In April 2021, Rossari concluded a preferential issue of equity aggregating to Rs. 300 crore to augment the strength of its balance sheet.
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