BASF India transfers pigments business

BASF India had initiated a transfer of its pigments business to BASF Colors & Effects India Private Limited, which is a 100 per cent subsidiary of BASF Colors & Effects GmbH, Germany. The company reported a closure of transfer proceeding on Monday.

The company informed the bourses that the said closing has taken place and consequently, the pigments business would stand transferred to BASF Colors & Effects India Private Limited with effect from January 1, 2019.

Based on Independent Valuation Report, BASF India has received consideration of Rs. 19 crores from BASF Colors & Effects India Private Limited for the sale of the pigments business.

Earlier, BASF India’s parent company BASF SE, Germany was considering merger of its construction chemicals business with a strong partner as well as a divestiture subject to specific approvals. The agreement of the transaction is targeted in the course of 2019.

On Monday, the stock of BASF India opened at Rs. 1,604.90 per share and made intra-day high of Rs. 1,605.95 during the morning trading session. However, it got corrected later and dipped by 3.2 per cent to make intra-day low of Rs. 1,533.60 and got closed at Rs. 1543.65.