Piramal Exits Archean Chemical: Shares Sold for Rs 822 Crore

Piramal Natural Resources and other entities sold their 10% stake in Archean Chemical Industries for Rs 822 crore via open market transactions. This significant sale included shares from India Resurgence Fund and India Resurgence Fund - Scheme 1 & 2. Subsequently, shares of Archean Chemical witnessed a 4.92% decline on the BSE.

Piramal Natural Resources and two other entities exited Archean Chemical Industries on Thursday by selling their entire 10 percent shareholding for Rs 822 crore through open market transactions.

India Resurgence Fund - Scheme 1 & 2, affiliates of India Resurgence Fund (IndiaRF), offloaded shares of the speciality marine chemical manufacturer through separate bulk deals on the BSE.

India Resurgence Fund, an India-focused distressed investment platform sponsored by Piramal Enterprises Ltd and Bain Capital Credit, also sold Archean Chemical shares on the exchange. Nearly 1.25 crore shares or 10.13 percent stake of Chennai-based Archean Chemical Industries changed hands on the bourse.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)