Story thread · 6 reports / 5 sources

Solar Industries shares crash 9% after acquisition of South Africa’s Omnia Holdings for Rs 12,951 crore

economictimes.indiatimes.com · 2hShare

Shares of Solar Industries crashed nearly 9% on Tuesday to day’s low of Rs 20,180 on NSE after the company announced the acquisition of South Africa’s Omnia Holdings.According to a filing with the exchange, the company said that Solar SA Investments, a wholly owned step-down subsidiary of Solar Industries, will acquire all outstanding shares of Omnia in an all-cash transaction for a consideration of approximately US$1.355 billion (Rs 12,951 crore), subject to customary closing conditions, including receipt of required regulatory approvals and approval by Omnia shareholders.Also Read | Solar Industries to acquire South Africa’s Omnia for Rs 12,951 crore in biggest global expansion pushThe company also said that the proposed acquisition is expected to drive commercial growth and operational efficiencies through technology innovation, broader customer coverage, enhanced supply chain resilience, greater product and service integration and accelerated development of advanced blasting soluti

First report: Solar Industries Bids $1.4 Billion for South Africa’s Omnia — bloomberg.com, 1d