Rossari Biotech Ltd, a speciality chemicals manufacturer, on Sunday announced the acquisition of Tristar Intermediates at an enterprise value of Rs 120 crore. The board of the company has approved the acquisition of Tristar Intermediates, a move which will help Rossari Biotech expand its product portfolio, primarily in the personal care segment, a joint statement said.
As per the agreement and subject to customary closing conditions, Rossari will be acquiring 100 per cent equity share capital of Tristar Intermediates. 76 per cent of the equity share capital will be acquired upon closure of the transaction, and the balance 24% over the next three years. The total enterprise value of the transaction is Rs 120 crore.