CafeStocks MarketUpdate

Kiri Dyes and Chemicals (KDCL), through its privately-owned SPV Kiri Holding Singapore, has acquired the world’s leading multinational — DyStar Group — with the support of its joint venture partner Longsheng Group.

The scrip is currently trading at Rs 817 per share, up 7.25 points or 0.90% on the BSE

The stock opened at Rs 790 compared to its previous close of Rs 809.75. Intraday, the counter has touched a high and a low of Rs 824 and Rs 761, respectively.

So far, 58,000 shares of the company were traded on the BSE.

The stock of the face value of Rs 10 touched its 52-week high of Rs 877 on February 4, 2010 and a 52-week low of Rs 72 on February 19, 2009.

The promoters holding in the company as per December 2009 quarter stood at 69.98%, FIIs and DIIs held 6.40% and 1.01% respectively, while others were holding 22.61% in the company.

Kiri Holding Singapore had entered into asset purchase agreement with the insolvency administrator in Germany on December 4, 2009. KDCL has completed all the conditions of the asset purchase agreement in terms of financing, anti-trust clearance, approval from creditors’ committee of DyStar.

The company has secured dent financing from a consortium of banks led by State Bank of India, Export Import Bank of India, Oriental Bank of Commerce and Central Bank of India.

Further, KDCL has prepared a detailed restructuring plan to make DyStar profitable and unlock the value for the stakeholders of the company.

The company was advised by SBI Capital Markets and its German counterpart Angermann M&A International GmbH in this acquisition.

DyStar is the global market leader for dyes, dyes solutions, leather, performance chemicals, new technologies and custom manufacturing of special dyes/pigments with about 21% market share globally.

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