Shares of Clariant Chemicals rallied 9.8 percent intraday on December 19 after the company sold its Masterbatch business to a subsidiary of PolyOne for Rs 426 crore.
“The board of directors unanimously approved the sale of Masterbatch Business to PolyOne Polymers India or its affiliate in India, on a going concern basis by way of slump sale, subject to the approval of the shareholders by way of Special Resolution through Postal Ballot and all other applicable statutory approvals,” the speciality chemical maker said in its BSE filing.
The business unit had contributed Rs 282.82 crore revenue in the financial year 2018-19, which is 29 percent of the total revenue of Clariant and EBIT contribution was Rs 4.57 crore.
The sale of unit is aligned with the global strategy of the parent company, Clariant said.
The stock was quoting at Rs 339.90, up Rs 20.70, or 6.48 percent on the BSE at 1145 hours IST.
News Source:- moneycontrol