Piramal, Others Exit Archean Chemical, Sell 10% Stake for Rs 822 Cr

New Delhi, Jun 27 (PTI) Piramal Natural Resources and two other entities on Thursday exited Archean Chemical Industries by selling their entire 10 per cent shareholding for Rs 822 crore through open market transactions.

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

India Resurgence Fund is an India-focused distressed investment platform, sponsored by Piramal Enterprises Ltd and Bain Capital Credit.

Piramal Natural Resources also offloaded shares of Archean Chemical on the exchange.

Nearly 1.25 crore shares or 10.13 per cent stake of Chennai-based Archean Chemical Industries changed hands on the bourse.

As per the data available with the BSE, India Resurgence Fund - Scheme 1 & 2 sold a total of 91.11 lakh shares, amounting to a 7.3 per cent stake in Archean.

Additionally, Piramal Natural Resources offloaded 33.88 lakh shares or 2.75 per cent in speciality marine chemical manufacturer Archean.

The shares were disposed of at an average price of Rs 658 apiece, taking the deal value to Rs 822.46 crore.

Meanwhile, Goldman Sachs acquired 6.28 lakh shares of Archean, and Nishtha Investment & Consultancy picked up 6.2 lakh shares of the company.

The shares were purchased in the price range of Rs 658-669.22 per piece, taking the combined transaction value to Rs 83 crore.

Details of the other buyers of Archean Chemical Industries shares could not be ascertained.

Shares of Archean Chemical Industries plunged 4.92 per cent to settle at Rs 657.40 apiece on the BSE.