Rossari Biotech plans to acquire Unitop Chemicals; stock jumps nearly 6 per cent
Rossari Biotech Limited announced on Wednesday after the market hours that its board of directors has approved the acquisition of Unitop Chemicals Private Limited.
As per the agreement, Rossari will be acquiring 100 per cent of the equity capital of Unitop Chemicals. Around 65 per cent of the equity share capital will be acquired upon closure of the transaction while the remaining 35 per cent in the next couple of years, the company informed via exchange filing.
Reacting to this, the company’s stock today increased by 5.95 per cent and made an intraday high of Rs 1,338.95 per share.
The company reported a net profit of Rs 22.21 crore in Q4FY21. In Q4FY20, it had reported a net profit of Rs 15.08 crore, which is an increase of 47.25 per cent. The company reported net sales of Rs 218.22 crore for Q4FY21, an increase of 36.78 per cent as against the net sales of Rs 159.55 crore for Q4FY20.
Rossari Biotech Limited is a speciality chemicals manufacturer, providing sustainable solutions for customers across industries. The company offers solutions for home, personal care and performance chemicals (HPPC), textile speciality chemicals as well as animal health & Nutrition (AHN).
According to BSE data, the stock traded at a P/E multiple of 87.78 and a price-to-book ratio of 17.17. The stock has a 52-week high and a 52-week low of Rs 1,347.60 and Rs 663.55, respectively.
However, at the time of writing this i.e. at 12.46 pm, the company’s stock was trading at Rs 1,291.05, up by 2.16 per cent on BSE.