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The board of Chembond Chemicals has decided to acquire shares in Chembond Enzyme Company (Associate Company) to make it a wholly owned subsidiary. The board also decided to acquire shares in Chembond Bioengineering Company (subsidiary of Chembond Enzyme Company) to make it a wholly owned subsidiary. The company will also enter into a joint venture agreement with Calvatis GmbH, Ladenburg, Germany. Shares of Chembond Chemicals edged down 3.3 per cent to ₹367.90 on the BSE.
Puneet Resins has informed the BSE that the High Court of Bombay has orally pronounced an order approving the scheme of amalgamation of Rishiroop Rubber (International) with itself. The scheme is subject to approval of the High Court of Gujarat. Shareholders holding five equity shares of ₹10 each of Rishiroop Rubber will be allotted three optionally convertible preference shares of Puneet Resins of ₹10 each at a premium of ₹34. While shares of Puneet Resins edged up 1 per cent to ₹34, those of Rishiroop Rubber surged 8.6 per cent to ₹18.45 on the BSE.
The board of directors of Hydro S&S Industries on Tuesday considered fund-raising proposals of ₹100 crore through the issue of equity shares on rights basis to existing equity shareholders. The rights issue price and ratio would be decided at an appropriate time. Shares of Hydro S&S closed a tad higher at ₹201.30 on the BSE.
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