S H Kelkar and Company said that its wholly owned subsidiary, Keva Europe B.V has acquired 100% stake in PFW Aroma Ingredients B.V (PFW) from Keva UK.
As on 31 March 2022 PFW had a turnover of Rs 84.73 crore and net profit of Rs 10.57 crore.Keva Europe BV is a wholly owned subsidiary of SH Kelkar and Company Limited and PFW Aroma Ingredients is a step down subsidiary of Keva Europe BV. Hence the said companies are related to each other. The transaction has been done basis the valuation report procured by respective entities. None of the members of promoter and promoter group are interested in the said transaction.
The company has acquired 18,400 shares aggregating to EUR 53,83,000 of PFW. By virtue of this transaction, PFW which was earlier a step down subsidiary of Keva Europe B.V, is now a wholly owned subsidiary of Keva Europe B.V
The company said that purchase price of the shares shall be converted into a debt of the Keva Europe B.V towards Keva UK.
S H Kelkar & Company is engaged in the manufacture, supply and exports of fragrances and aroma ingredients.
The company's consolidated net profit rose 9.3% to Rs 24.29 crore on 15.1% jump in net sales to Rs 412.40 crore in Q2 FY23 over Q2 FY22.
The scrip rose 0.18% to Rs 140 on the BSE.
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