Kiri Ind soars after SICC values Cos stake in DyStar at $481.6 mn

The Singapore International Commercial Court (SICC) has confirmed the final value of Kiri Industries 37.57% stake in DyStar Global Holdings at $481.60 million (approximately Rs 3,570 crore) after giving effects of two minor adjustments.

Jun 21, 2021 02:06 IST capital market

The buyout order to be executed at value of $481.60 million as ordered by SICC vide their judgement dated 3 July 2018.

Following the announcement, shares of Kiri Industries surged 12.15% to currently trade at Rs 649.85 on the BSE.

Separately, in an exchange filing made during market hours today, the company said that its board will consider audited standalone and consolidated financial results for the quarter and year ended 31 March 2021 on Monday, 28 June 2021.

On the same day, the board will also issue/allot 31,87,374 equity shares upon conversion of 7 series D foreign currency convertible bonds (FCCBs) to Lotus Global Investments.

The companys consolidated net profit rose 8.75% to Rs 148.81 crore on a 1.51% increase in net sales to Rs 310.34 crore in Q4 FY21 over Q4 FY20.

Kiri Industries is engaged in manufacturing and selling of dyes, dyes intermediates and basic chemicals.

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