M&A

M&A

Frontier Warehousing acquires BK Birla Group’s Kesoram Industries

BSE Announcement   Economic Times   Kesoram Industries  

Kolkata-based Frontier Warehousing has acquired a controlling stake in fellow Kolkata-based, publicly listed B K Birla Group company Kesoram Industries , marking the exit of the Birla family from the company. Kesoram had earlier divested its cement business to Aditya Birla Group company UltraTech Cement.Frontier Warehousing acquired 13,29,69,279 shares, representing 42.8% of Kesoram Industries' voting share capital, from promoter group entities. This block was valued at approximately INR 53 crore, with shares priced at INR 4 apiece. Subsequently, Frontier Warehousing announced an open offer to acquire an additional 8.07 crore shares, or 26% of Kesoram, at INR 5.48 per share.Kesoram now has transparent paper, rayon, and chemical businesses with two units near Bandel and has a land parcel of 250 acres.