PI Industries Limited (PI), has executed an offer with Isagro S.p.A (a company incorporated in Italy, the promoter and existing shareholder of Isagro Asia) for the acquisition of the business of Isagro Asia, who are engaged in Contract Manufacturing, local distribution and exports of agrochemicals through the acquisition of 100% shareholding of Isagro Asia. The business will be acquired by the PI directly or through its subsidiary.

The company’s shares are up ~2%.

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The transaction value is estimated ~Rs345cr net of cash and debt subject to closing adjustments, the company said in the press note.

The consummation of the proposed transaction is expected in Q3FY20 subject to finalisation of definitive agreements, customary closing conditions and regulatory approvals. The parties have entered into an exclusivity agreement for this purpose, the company added. 

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