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Kiri Dyes clarifies on acquisition of Dystar
03 Dec '09
1 min read
With reference to the news item appearing in a leading financial daily titled "Kiri Dyes May Acquire Dystar", Kiri Dyes and Chemicals Ltd has clarified as under :
"The news item published by the newspaper without knowledge of the Company and is not based on any information provided by the Company. As regard Dystar part is concern it is a public knowledge that they have applied for insolvency. As regard news item the Company has raised the 150 crores through qualified institutional placement it is also not correct. It is not possible to do so without following the procedure as per SEBI guidelines and listing Agreement. Further, we have informed the Exchange vide corporate announcement dated 18.08.2009 for options for acquisition of suitable target outside India in same line of business, which is not finalized. We further confirm that we shall intimate the stock exchange before dissemination of any information through any type of media as and when any such type of development takes place."
KDC production facilities are strategically located in the heart of chemical industrial zone, which provides comparative ease and convenience to effectively utilize the Common Effluent Treatment Plant to further treat outlets.
"The news item published by the newspaper without knowledge of the Company and is not based on any information provided by the Company. As regard Dystar part is concern it is a public knowledge that they have applied for insolvency. As regard news item the Company has raised the 150 crores through qualified institutional placement it is also not correct. It is not possible to do so without following the procedure as per SEBI guidelines and listing Agreement. Further, we have informed the Exchange vide corporate announcement dated 18.08.2009 for options for acquisition of suitable target outside India in same line of business, which is not finalized. We further confirm that we shall intimate the stock exchange before dissemination of any information through any type of media as and when any such type of development takes place."
KDC production facilities are strategically located in the heart of chemical industrial zone, which provides comparative ease and convenience to effectively utilize the Common Effluent Treatment Plant to further treat outlets.
Kiri Dyes and Chemicals Ltd
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