Piramal Natural, 2 others exit Archean Chemical Industries, sell 10% stake

Piramal Natural Resources and two other entities on Thursday exited Archean Chemical Industries by selling their entire 10 per cent shareholding for Rs 822 crore through open market transactions.

India Resurgence Fund - Scheme 1 & 2, affiliates of India Resurgence Fund (IndiaRF), sold shares of the speciality marine chemical manufacturer Archean Chemical Industries through separate bulk deals on the BSE.

India Resurgence Fund is an India-focused distressed investment platform, sponsored by Piramal Enterprises Ltd and Bain Capital Credit.

Piramal Natural Resources also offloaded shares of Archean Chemical on the exchange.

Nearly 1.25 crore shares or 10.13 per cent stake of Chennai-based Archean Chemical Industries changed hands on the bourse.

As per the data available with the BSE, India Resurgence Fund - Scheme 1 & 2 sold a total of 91.11 lakh shares, amounting to a 7.3 per cent stake in Archean.

Additionally, Piramal Natural Resources offloaded 33.88 lakh shares or 2.75 per ..