Insecticides (India) Acquires 100% Stake in Kaeros Research
NSE: INSECTICID:Rs.850.00 (-4.54%)
Insecticides India is into manufacturing of agrochemicals (technicals and formulations) and biological and household products. They cater to Indian market where they directly sell to the end consumer and also sell technicals and formulations to the companies who are in the business of formulation.
Insecticides (India) Limited (IIL) has decided to invest in Kaeros Research Private Limited (Kaeros) following a board meeting on November 11, 2024. IIL plans to acquire 100% of Kaeros’ issued and paid-up share capital from its existing shareholders – Mr. Rajesh Kumar Aggarwal, Mr. Sanskar Aggarwal, and Mrs. Nikunj Aggarwal. This acquisition will make Kaeros a wholly owned subsidiary of IIL.
Details of the Investment:
- Industry: Both IIL and Kaeros operate within the agrochemical industry. While IIL focuses on manufacturing and distributing agrochemicals, Kaeros specializes in research and development, trading, and manufacturing of these products.
- Rationale: IIL’s investment in Kaeros is in line with its strategic objectives and core business operations, aimed at driving growth opportunities within the agrochemical sector.
- Consideration: IIL will acquire 47,80,000 equity shares of Kaeros at INR 13.06 per share, with a total investment amounting to INR 6,24,26,800, payable in cash.
- Timeline: The acquisition is expected to be finalized within 60 days, by January 10, 2025.
- Regulatory Approvals: No governmental or regulatory approvals are required for the transaction.
Background of Kaeros:
- Incorporation: Kaeros was incorporated on December 31, 2019.
- Turnover: The turnover of Kaeros for the last three fiscal years is as follows:
- FY24: INR 49,58,230
- FY23: NIL
- FY22: NIL