Anupam Rasayan India Limited has successfully completed the acquisition of 100% equity stake in Jayhawk Fine Chemicals Corporation for a purchase consideration of approximately US$150 million on February 27, 2026. The transaction was executed through the company's wholly owned subsidiary Doriath S.à r.l., marking a significant strategic expansion for the specialty chemicals manufacturer into the US market.

Acquisition Structure and Financing

The acquisition follows a structured approach initiated with the Sale and Purchase Agreement dated December 9, 2025. The total purchase consideration has been financed through a combination of equity and debt instruments.

The acquisition financing includes US$129 million funded by Altis XII Pte. Ltd., an affiliate of funds managed by Oaktree Capital Management, L.P., and US$21 million from Axis Bank. Oaktree is a global investment manager specializing in alternative investments with US$223 billion under management as of December 31, 2025.

About Jayhawk Fine Chemicals Corporation

Founded in 1941 and headquartered in Galena, Kansas, USA, Jayhawk is part of the CABB Group and specializes in custom manufacturing of advanced intermediates, active ingredients, and high-performance materials. The company operates state-of-the-art multipurpose plants, pilot facilities, and modern analytical R&D labs capable of executing complex chemistries including halogenation, oxidation, nitration, and phosphorus chemistry.

Strategic Implications and Management Commentary

Anand Desai, Managing Director of Anupam Rasayan India Ltd., highlighted the strategic importance of this acquisition: "This transaction marks a significant milestone in our long-term strategy of building a differentiated, innovation-led global specialty chemicals platform. With Jayhawk, we move further forward in the value chain, closer to end applications, by manufacturing key N-1 molecules for critical sectors such as electronics, semiconductors, aviation and performance materials."

The acquisition enables the creation of an integrated platform combining Tanfac Industries, Anupam Rasayan, and Jayhawk. This platform approach is expected to unlock cross-selling opportunities, enhance technological capabilities, improve operational synergies, and drive sustainable long-term value creation. Jayhawk will be fully consolidated with Anupam, and the acquisition is expected to be EPS accretive.

Regulatory Compliance and Advisory Services

The company maintained transparency throughout the acquisition process with multiple regulatory filings under Regulation 30 of the SEBI Listing Regulations. Previous intimations were submitted to stock exchanges on December 9, 2025, February 12, 2026, February 15, 2026, and February 20, 2026.

Rothschild & Co acted as the exclusive financial advisor to Anupam Rasayan India Ltd., while Piper Sandler served as the exclusive financial advisor to the CABB Group.

Source: None/Company/INE930P01018/a974aabe-3f8e-490d-99b0-6918b965087a.pdf

Rehash Industrial and Resins Chemicals Private Limited, a promoter of Anupam Rasayan India Limited, has pledged a significant portion of its shareholding to secure loan facilities. The company disclosed the creation of pledge on 50,00,000 equity shares under SEBI takeover regulations.

Pledge Details and Transaction Structure

The pledge transaction involves substantial shareholding with specific terms and beneficiary details:

Promoter Holdings and Encumbrance Status

Rehash Industrial's shareholding pattern shows the impact of the new pledge on its total holdings in Anupam Rasayan:

Other Promoter Holdings

The disclosure also provides details of other promoters and their existing encumbrances. Mona Anandbhai Desai holds 41,40,625 shares (3.64%) with 26,80,000 shares (2.35%) already encumbered. Anand Sureshbhai Desai maintains the largest individual holding with 1,10,76,940 shares (9.73%), of which 38,25,780 shares (3.36%) are encumbered.

Regulatory Compliance

The disclosure was made in compliance with Regulation 31(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The notification was submitted to BSE Limited, National Stock Exchange of India Limited, and Anupam Rasayan India Limited on February 26, 2026. Anupam Rasayan's shares are listed on both BSE (Scrip Code: 543275) and NSE (Symbol: ANURAS).