Sudarshan Chemical Promoters Offload 3% Stake Via Bulk Deals

The promoters of Sudarshan Chemical Industries Ltd. offloaded 3% stake in the company via bulk deals on Wednesday, for a combined transaction value of Rs 1.97 crore.

Among the sellers, promoter Subhadra Pradeep Rathi divested 1.89% stake or 13.13 lakh shares at Rs 950.04 apiece, whereas promoter Pradeep Ramwilas Rathi sold 1.1% stake or 7.61 lakh shares for Rs 950 apiece.

Boon Investment and Trading Co., Jovial Investment and Trading Co., and Blue Daimond Properties Pvt. acquired the stake for Rs 950 per share.

While Boon Investment and Jovial Investment bought 6.91 lakh shares or 0.99% stakes each in the pigment manufacturer, Blue Daimond Properties acquired 6.39 lakh shares or a 0.92% stake.

As of September-end, Subhadra Pradeep Rathi and Pradeep Ramwilas Rathi held 6.05% and 1.9% stakes in the company, respectively, according to the shareholding pattern available with the BSE.

Earlier, in October this year, Sudarshan Chemical had announced that it will acquire the global pigment business operations of Germany's Heubach Group for about Rs 1,180 crore.

The company's wholly-owned subsidiary in Netherlands—Sudarshan Europe BV—had "entered into a definitive agreement on Oct. 11, 2024", to acquire the German company's pigment business.

At that time, Dolat Capital had called the acquisition "a positive step" for the Indian company, as the move would result in it becoming the second-largest pigment player globally.

Sudarshan Chemical manufactures colour and effect pigments which are used in coatings, plastics, and cosmetics. The company offers a diverse range of products such as decorative paints, industrial coatings, and automotive coatings, and supplies pigments globally as well.

Shares of the company on Wednesday closed 0.49% higher at Rs 986.45 apiece on the BSE, compared to a 0.29% advance in the benchmark Sensex.