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<ul><li><keyword id="8830896" type="UNKNOWN" weightage="20" keywordseo="Rossari-Biotech">Rossari Biotech</keyword> — the chemicals company that had a blockbuster IPO in 2020 — is planning to acquire its peer company <keyword id="11369058" type="COMPANY" weightage="20" keywordseo="unitop-chemicals">Unitop Chemicals</keyword> for ₹421 crore.</li><li>The company’s share price is up by 2.5% on June 3 after announcing its plans.</li><li>Operating in the same sector, Rossari can add Unitop Chemicals’ production capacity of 86,000 million tonnes per year to its own without having to make too many changes.</li><li>Rossari will be digging into its own coffers to fund the transaction with 65% equity being acquired on closure and the rest coming in over the next two years.</li></ul>Rossari Biotech — the maker of household products like Vim, Rin and Surf for brands owners like <keyword id="6365619" type="COMPANY" weightage="20" keywordseo="hindustan-unilever">Hindustan Unilever</keyword>, Dabur and others — has announced plans to acquire its peer Unitop Chemicals for a sum total of ₹421 crore. The company’s share price is up by 2.5% as of 12:30pm on June 3, after the announcement. "We believe the acquisition will be EPS [earnings per share] accretive for Rossari," said Edelweiss in its report dated June 2. Simply put, the financial services company believes that Unitop and Rossari are a good fit and the acquisition will result in gradual growth. <div type="image" title="infibeam share price(1)" msid="83198900" hostid="261" caption="&amp;lt;p&amp;gt;Rossari Biotech stock since the launch of its IPO in July 2020&amp;lt;/p&amp;gt;"></div> As per the plan approved by the board, Rossari will be buying up 100% of Unitop Chemicals’ equity capital. 65% of it will be acquired upon closure of the transaction and the rest will be balanced over the next two years. “Unitop Chemicals is a natural fit with our operations and brings with it immense synergies and complementary growth dimensions,” said Rossari’s executive chairman Edward Menezes and managing director Sunil Chari in a joint statement. <cmsannotation type="cmsannotation" annotationid="Here’s what Rossari will gain from Unitop" comment="subhead" text="Here’s what Rossari will gain from Unitop">Here’s what Rossari will gain from Unitop</cmsannotation> Since both companies are in the chemical manufacturing space, they use similar technology, require the same talent in their employees and dabble in the same verticals. For instance, Unitop Chemicals’ expertise is in manufacturing surfactants — the kind found in detergents, wetting agents, emulsifiers, and so on. This is one of Rossari’s four core chemistries. Moreover, Unitop Chemicals has three manufacturing sites and its main facility in Dahej is near Rossari’s existing facility in the area. Overall, Rossari will be able to capitalise on Unitop’s production capacity of 86,000 million tonnes per annum (MTPA) to boost its own output. And, while the two companies work in the same arena, there is little overlap in end-users. This means Unitop Chemicals' customers will be an entirely new set of clients for Rossari to monetise with cross-selling and will help expand the company's market reach. Wodehouse Capital was the exclusive financial advisor to Unitop Chemicals for the deal. Rossari does not plan on raising any debt for this transaction. It will be funding the investment using the cash it already has on its balance sheets. In April, Rossari raised ₹300 crore through the preferential issue of equity shares. This is after the company went public in July 2020 and was one of the hottest initial public offerings (IPO) of the year, listing at a premium of 59%. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/backed-by-mukesh-ambani-infibeam-expects-business-to-grow-manifold-to-100-billion-dollars/articleshow/83111869.cms">INTERVIEW: With a partner like Mukesh Ambani's Jio, Infibeam expects to hit $100 billion in online transactions in the next 5 years</a> <a href="https://www.businessinsider.in/stock-market/economy/news/indias-gdp-has-contracted-five-times-since-1947-but-never-as-bad-as-7-3/articleshow/83135455.cms">India’s GDP has contracted five times since 1947, but never as bad as 7.3%</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-new-insider-trading-case-shows-that-employees-made-rs-3-crore/articleshow/83144170.cms">Here's how Infosys employees shared insider information that turned a chunky profit of ₹3 crore</a>

Here's why Rossari Biotech bought Unitop Chemicals for ₹421 crore

The Defence Acquisition Council (DAC) on Friday cleared the issuing of a Request For Proposal (RFP) for the <keyword id="6355100" type="COMPANY" weightage="20" keywordseo="Indian-Navy">Indian Navy</keyword>'s mega deal to procure six <keyword id="117400" type="PERSON" weightage="20" keywordseo="Submarines">submarines</keyword> under Project-75I through a strategic partnership route worth over ₹45,000 crore. Two Indian companies and five foreign Original Equipment Manufacturers had already been shortlisted earlier. The mega deal was approved during the DAC meet on Friday led by Defence Minister Rajnath Singh. The mega submarine project for building of indigenous submarines for the <keyword id="42407" type="COMPANY" weightage="20" keywordseo="Navy">Navy</keyword> got the final clearance wherein two Indian companies that can work in collaboration with a foreign manufacturer. The RFP has been issued to Mazagon Docks (MDL) and private company <keyword id="45475" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword>. Under the Project 75I, the submarines for the Indian Navy are going to be constructed in India and will be through ToT by the OEMs. This project is under the strategic partnership model which was adopted in an effort to ensure building capacity in the Indian industry. The idea is that this is going to help in the local manufacturing of major military platforms. The project received a clearance from the Cabinet Committee on Security (CCS) way back in 1999 and Acceptance of Necessity granted in 2007. The strategic partnership model aims at promoting India as a manufacturing hub for defence equipment, in addition to establishing an industrial and R&amp;D eco-system capable of meeting the future requirements of the Armed Forces besides giving boost to exports. The Indian Navy currently has 12 submarines. In addition there are two nuclear submarines <keyword id="45878" type="COMPANY" weightage="20" keywordseo="INS-ARIHANT">INS Arihant</keyword> and INS Chakra in the navy's fleet. Upgrading its submarine operations and the naval fleet has been the top priority for the Indian Navy in wake of the increased presence of Chinese vessels in the Indian Ocean region. SEE ALSO <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-5g-mobile-phone-full-specifications-leaked-days-ahead-of-launch/articleshow/83195375.cms">OnePlus Nord CE 5G full specifications leaked days ahead of launch – heavily inspired by the original Nord</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-rossari-biotech-tata-power-and-other-stocks-to-watch-out-for-on-june-3/slidelist/83193921.cms">Reliance Industries, Rossari Biotech, Tata Power and other stocks to watch out for on June 3</a>

Defence Ministry clears Indian Navy's ₹45000 crore deal to procure six submarines

<ul><li>The Kishore Biyani-led company has repaid $14 million interest on foreign bonds to investors </li><li>With this repayment, Future Retails has averted a default and concerns over rating downgrade </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has averted a default as it repaid around $14 million (around 100 crore) interest on foreign bonds to investors. The company had to pay the interest on bonds worth $500 million due in 2025. The company was given a grace period of 30 days, which officially ended on Saturday, but being a holiday, Monday (August 24) will be considered as the last day. <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> runs the Big Bazaar chain of stores. "Today, we are pleased to inform that the Company has made the payment of said interest for the half year ended for an amount of $14 million on above USD Notes," the company said in a regulatory filing. The shares of Future Retail took a hit and fell by 5% on the back of debt repayment deadline concerns. <div type="image" title="future retail new (1)." msid="77713106" hostid="261"></div> The board of Future Group was set to assemble on Saturday, for an important meeting on the acquisition. However, that meeting has been postponed by a week, according to <a href="https://www.business-standard.com/article/companies/future-enterprises-board-meet-on-group-firms-merger-postponed-by-a-week-120082200178_1.html">reports.</a> The group has debts of over $2 billion. And while Biyani and his family hold a 33.5% stake in Future Group, almost all of it has been pledged to lenders. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of pledged stake </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Lifestyle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">99.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Supply (FSCL) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Consumer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">92.97% </td></tr></tbody></table> The already-weak Future Group businesses, too have been hit by the COVID-19 pandemic, which has forced malls and retailers to shut down. Earlier in July, the company had sought an extension on its earnings reports, which has already been pending for two quarters. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-on-monday-indiabulls-housing-finance-future-enterprises-ril-tata-power-dixon-tech-rossari-biotech/articleshow/77712262.cms">Top stocks to watch on Monday— Indiabulls Housing Finance, Future Enterprises, RIL, Tata Power, Dixon Tech, Rossari Biotech and more</a>

Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

<ul><li><keyword id="928516" type="COMPANY" weightage="20" keywordseo="Barbeque-Nation-Hospitality">Barbeque Nation Hospitality</keyword> has received market regulator SEBI’s approval to raise about ₹1,000-1,200 crore through an initial public offering. </li><li>The company is backed by private equity investor CX Partners and ace <keyword id="9574593" type="UNKNOWN" weightage="20" keywordseo="investor-rakesh-jhunjhunwala">investor Rakesh Jhunjhunwala</keyword>’s investment firm Alchemy Capital. </li><li>The promoters hold 60.24%, CX Partners owns 33.79% and renowned stock market investor <keyword id="6398943" type="PERSON" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword>’s investment firm Alchemy Capital holds 2.05% in the company. </li></ul>One of India’s most popular barbeque joints is ready to sell shares in the market. And just like the patrons of the chain, who dig the<a href="https://www.tripadvisor.in/ShowUserReviews-g297687-d12850093-r599225012-Barbeque_Nation-Dehradun_Dehradun_District_Uttarakhand.html"> high-priced buffets</a>, the investors too will demand ‘value for money’. The market regulator, <keyword id="139797" type="COMPANY" weightage="20" keywordseo="The-Securities-and-Exchange-Board-of-India">the Securities and Exchange Board of India</keyword> (SEBI), has approved the company’s plan to raise ₹1,000-1,200 crore through an initial public offering. The IPO is coming at a time when the COVID-19 pandemic has made many restaurants unviable. “Food ordering can meaningfully increase and share of trusted brands is bound to go up vs random mom-pop restaurants that may not be able to assure hygiene. However, out-of-home eating and loss of ordering at office/social interactions may not be made up by such shifts for the shorter term,” according to an Ambit Capital report in June. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total IPO size </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,000-1,200crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fresh issue </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹275 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Pre-IPO fund raising </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹150 crore </td></tr></tbody></table> The company will use the IPO proceeds to repay an outstanding loan of ₹205 crore, in part or full, and for general corporate purposes. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bidders </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO allocation </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional buyers (QIBs) </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional bidders </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail individual bidders </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody></table> Here’s all you need to know before investing in this IPO Investors and Promoters The company is backed by private equity investor CX Partners and ace investor Rakesh Jhunjhunwala’s investment firm Alchemy Capital. Alchemy Capital bought about 3.5% stake in Barbeque-Nation Hospitality for ₹90 crore last year. It is also promoted by $3 billion Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani. <div type="image" title="BBQN" msid="76961414" hostid="261"></div> It filed for an IPO in 2017 with Sebi seeking to raise ₹700 crore. However, the regulator kept the processing of the company’s proposed IPO in abeyance <a href="https://www.businessinsider.in/business/corporates/news/barbeque-nation-files-ipo-papers-to-raise-rs-1000-1200-cr/articleshow/74189528.cms">“pending regulatory action for past violations</a>” and finally approved the IPO plan in January 2018. <div type="image" title="_Barbecue Nation Revenue" msid="76962277" hostid="261"></div> The long chain of restaurants The company owns and operates <keyword id="9571662" type="COMPANY" weightage="20" keywordseo="barbeque-nation-restaurants">Barbeque Nation Restaurants</keyword> at 138 outlets across India and seven outlets in the UAE, Oman and Malaysia. Although, the company could not launch the initial share-sale due to adverse market conditions. The restaurant chain has seen compounded annual growth of 14.29% in its dining covers in India, according to <a href="https://www.barbequenation.com/investor">company financials</a>. It has grown from ₹68.60 crore in FY17 to 89.60 crore in FY19, <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/jhunjhunwala-cx-partners-backed-barbeque-nation-refiles-for-rs-1000-1200-crore-ipo/articleshow/74188490.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">pillared by referrals and recommendations of customers</a>. <div type="image" title="Barbecue Nation" msid="76961916" hostid="261"></div> Recent acquisitions It also acquired 61.35% stake in <keyword id="9574592" type="COMPANY" weightage="20" keywordseo="red-apple-kitchen">Red Apple Kitchen</keyword>, which owns Toscano, a casual dining Italian restaurant chain that has ten outlets operating across Bengaluru and Chennai. Barbeque Nation also launched UBQ through its existing kitchen infrastructure, in November 2018 to provide a la carte Indian cuisine in the value segment, which is also being availed by delivery across 71 cities in India. The chain is 14-years old and has been fairly popular throughout its existence. However, the overall gloom in the restaurant industry may cap the potential value that could be unlocked through this IPO. "The restaurant &amp; hospitality sector, despite being amongst the worst hit due to COVID 19 has tremendous potential in a growing economy like India. With the rise of nuclear families, changing habits, increasing urban population with higher disposable income coupled with strong growth of food related e-commerce platforms,a strong branded player like Barbeque Nation stands to gain in the future. If the IPO is priced well, it could attract a lot of interest among both retail &amp; institutional investors leading to a strong listing at the bourses," said Abhijeet Ramachandran, Independent Analyst/ Co-Founder and trainer at Tips2trade SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/barbeque-nation-files-ipo-papers-to-raise-rs-1000-1200-cr/articleshow/74189528.cms" data-type="tilCustomLink">Barbeque Nation looking to raise ₹1,000-1,200 crore from IPO, files papers with SEBI</a> <a href="https://www.businessinsider.in/stock-market/markets/news/rossari-biotech-ipo-analysis-and-comparison-with-camlin-fine-srf-and-clariant/articleshow/76953016.cms" data-type="tilCustomLink">Rossari Biotech IPO⁠— 40 scientists, China, and other factors that make the share sale hot</a>

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Here's why Rossari Biotech bought Unitop Chemicals for ₹421 crore

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Defence Ministry clears Indian Navy's ₹45000 crore deal to procure six submarines

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Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

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Barbeque Nation IPO must be priced the same way as its menu—value for money

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