Sanstar Limited has informed the Exchange regarding a press release dated May 28, 2026, titled "Preferential Issue and JV Press Release".
SANSTAR · price
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Sanstar's Board has approved a preferential allotment of equity shares worth approximately Rs. 198.3 crores to Corn Products Development Inc., a subsidiary of US-based Ingredion Incorporated, at Rs. 110 per share. Post-allotment, Ingredion's subsidiary will hold approximately 9% stake in Sanstar. Simultaneously, Sanstar and Ingredion entities have signed a shareholders' agreement to establish a joint venture entity in India for manufacturing and distributing specialty pharmaceutical excipients and other high-value ingredient products. Ingredion will contribute proprietary formulation and process technology while Sanstar will contribute local manufacturing and regulatory expertise. Commercial operations are targeted within 30-36 months of JV incorporation. The deal is subject to shareholder approval at an EGM and stock exchange approvals.
The partnership brings a globally renowned ingredient solutions company (Ingredion, USD 7.2 billion revenue) as a strategic anchor investor, strengthening Sanstar's balance sheet and opening access to global R&D, formulation capabilities, and 120+ country markets. The JV positions Sanstar to move up the value chain into specialty pharmaceutical and ingredient segments.