Latest news with #KiriIndustries
Hans India
13 hours ago
- Business
- Hans India
Kiri Industries' net loss widens to Rs 85 crore in Q4, revenue drops
Kiri Industries Limited, a dye and chemical maker, has announced that the company posted a net loss of Rs 84.6 crore during the quarter (Q4 FY25), which is much higher than the Rs 9.6 crore loss it reported in the same period previous fiscal (Q4 FY24). Revenue also declined by 6.5 per cent, falling to Rs 205 crore in the last quarter of FY25 from Rs 219.3 crore a year ago, according to its stock exchange filing. Despite the disappointing earnings, the company made a major announcement along with the financial results. Kiri Industries has signed a Share Purchase Agreement (SPA) with Zhejiang Longsheng Group to sell its entire 37.57 per cent stake in DyStar, a global dyes and chemicals company. The base sale price is $676.26 million, which is roughly Rs 5,765 crore at current exchange rates. This deal is notable because the sale value is much higher than Kiri Industries' current market capitalisation, which stands at about Rs 3,800 crore. As part of the agreement, Zhejiang Longsheng Group will acquire 26.23 lakh equity shares held by Kiri Industries in DyStar. In addition to the base amount, Kiri Industries may also receive an extra $20.29 million. This would be paid if there is any shortfall in the base amount or if the buyer needs to fulfil other responsibilities under the agreement. However, the final amount could still change depending on certain conditions, the company said in its regulatory filing. The deal is still subject to regulatory approvals and other closing formalities. Once completed, this sale could provide a major cash boost to Kiri Industries and help reshape its business direction. Meanwhile, shares of Kiri Industries dropped 9.43 per cent on Friday to Rs 658 on the Bombay Stock Exchange (BSE). Kiri Industries Limited (KIL) is an Indian company engaged in the manufacturing and export of dyes, dye intermediates, and basic chemicals. As a fully integrated dyes and chemicals producer, KIL operates a wide range of facilities. The company is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Business Upturn
3 days ago
- Business
- Business Upturn
Why are Kiri Industries shares falling nearly 7% today? Explained
Shares of Kiri Industries fell over 6% to ₹682.25 in early trade on May 30, reacting negatively to the company's announcement of a major stake sale in DyStar Global Holdings. The sharp decline—nearly 7% at one point—comes despite the seemingly positive development. On May 29, 2025, Kiri Industries signed a Share Purchase Agreement (SPA) with Zhejiang Longsheng Group Co., Ltd to divest its entire 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. The agreement was signed alongside court-appointed receivers from Deloitte & Touche LLP. As per the terms, Zhejiang Longsheng will acquire 26,23,354 equity shares for a base consideration of USD 676.26 million. An additional USD 20.29 million may be paid for shortfall adjustments or other SPA obligations. The deal may see further adjustments depending on final terms. This transaction was mandated by the Singapore International Commercial Court (SICC), which in February 2024 ordered an en-bloc sale of DyStar stakes held by Kiri and Senda International Capital. The deal is subject to standard regulatory approvals and has a long-stop date of October 2, 2025, extendable to November 3, 2025. Despite the high valuation of the deal, Kiri shares came under pressure as investors weighed the lengthy timeline for deal completion and uncertainty over the immediate earnings impact. J.P. Morgan Securities Asia is advising Kiri on the deal. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
3 days ago
- Business
- Business Upturn
Kiri Industries signs $696 million share purchase deal to sell DyStar stake
By Aditya Bhagchandani Published on May 30, 2025, 09:28 IST Kiri Industries has signed a Share Purchase Agreement (SPA) with Zhejiang Longsheng Group Co., Ltd to divest its entire 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. The agreement was inked on May 29, 2025, alongside court-appointed receivers from Deloitte & Touche LLP. As per the SPA, Zhejiang Longsheng will acquire 26,23,354 equity shares of DyStar at a base consideration of USD 676.26 million. An additional USD 20.29 million may be paid by the purchaser to meet shortfall adjustments or fulfill SPA obligations, with provisions for further adjustments as per the agreement's terms. The deal stems from a directive issued by the Singapore International Commercial Court in February 2024, ordering an en-bloc sale of stakes held by Kiri Industries and Senda International Capital in DyStar. The transaction is subject to customary closing conditions and regulatory approvals, with a long-stop date of October 2, 2025, extendable to November 3, 2025. J.P. Morgan Securities Asia is acting as the financial advisor to Kiri Industries for the transaction. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
3 days ago
- Business
- Business Upturn
Kiri Industries shares fall over 6% after DyStar stake sale to Zhejiang Longsheng
By Aditya Bhagchandani Published on May 30, 2025, 09:31 IST Shares of Kiri Industries declined 6.1% to ₹682.25 in early trade on May 30 after the company announced the signing of a Share Purchase Agreement (SPA) to divest its entire 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd. to Zhejiang Longsheng Group Co., Ltd. As per the SPA, signed on May 29, 2025, alongside court-appointed receivers from Deloitte & Touche LLP, Zhejiang Longsheng will acquire 26,23,354 equity shares of DyStar at a base consideration of USD 676.26 million. An additional USD 20.29 million may be payable to address shortfall adjustments or other obligations. Further adjustments may also apply based on the final terms of the agreement. This divestment follows a directive from the Singapore International Commercial Court (SICC) in February 2024, which ordered an en-bloc sale of DyStar stakes held by both Kiri Industries and Senda International Capital. The transaction is subject to regulatory approvals and customary closing conditions. The long-stop date for completion is set for October 2, 2025, with an extension available until November 3, 2025. J.P. Morgan Securities Asia is acting as the financial advisor to Kiri Industries for this transaction. The stock saw selling pressure despite the substantial valuation of the deal, likely on investor concerns about near-term earnings visibility and execution timelines. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
