Anupam Rasayan India Limited has informed the Exchange regarding Outcome of Board Meeting held on February 12, 2026.
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Anupam Rasayan's board approved buying 100% of Luxembourg-based Doriath S.à r.l. (completed on February 10, 2026) and 15% of Batam S.à r.l. (in process). These two newly-created Luxembourg entities are stepping stones for the larger Monitchem Kansas acquisition (Target Group) that was originally approved by the board in December 2025 with shareholder backing for up to Rs. 4,500 crores in January 2026. Doriath, now a wholly-owned subsidiary, will be the actual entity acquiring Monitchem Kansas, and the company's rights under the Sale and Purchase Agreement with CABB Europe GmbH are being assigned to Doriath. To fund the deal, the board approved USD 50 million in debt — USD 20 million from Altis XII Pte. Ltd. (Singapore) for Doriath and USD 30 million as an External Commercial Borrowing from Axis Bank's GIFT City branch. The board also approved multiple securities including first-ranking charges on the company's movable and immovable assets, corporate guarantees, a pledge on shares of Doriath, and a non-disposal undertaking on shares held in Tanfac Industries Limited. A USD 20 million loan to Doriath was also approved, which is convertible into Class A ordinary shares.
This is the execution phase of the previously announced Monitchem Kansas acquisition, so the headline news is largely expected. However, the company is taking on roughly USD 50 million in fresh foreign currency debt and pledging key assets, which increases leverage and financial risk for shareholders. Investors should watch for the final completion of the Monitchem Kansas deal, integration progress, and any future equity dilution if the Doriath loan is converted into shares.