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SRF Shares Surge 11% on Acquisition

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Shares in SRF gained nearly 11 per cent to a day high of Rs 971.40 on Friday after the company said that it has acquired Global DuPont's Dymel brand, which is the pharma business of the company for a consideration of $20 million.

SRF in a filing to exchanges has informed that it has signed a definitive agreement with DuPont De Nemours and Company, USA to acquire their 'Dymel' brand to receive the technology and knowhow for setting up its own 'current good manufacturing practices' facility for manufacturing HFC 134a Pharma grade.

'HFC 134a' is a refrigerant.

DuPont will supply SRF the product from its existing facility till SRF's facility is approved, the company said.

As of 10 a.m. shares in SRF traded 7.78 per cent higher at Rs 944.60 apiece, outperforming the broader Nifty, which was up 1 per cent.

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