Shares of Mysore Petro Chemicals Limited hit a 52-week high of Rs 180 on 9 January after the company announced receiving approval from the board to acquire a controlling stake in a UK-based firm.

In its regulatory filing, the company said that the Board of Directors had approved the acquisition of a controlling stake in a UK-based company, Q C Polymer Limited, that is engaged in the business of manufacturing recycled PET flakes that are used in food packaging, textiles polyester, and straps.

The company will buy an equity stake in the company by subscribing to 3,200 shares of the company with a face value of GBP 1 each for a premium of GBP 280 each. Furthermore, the company will also infuse debt of up to GBP 2 million to meet the operational requirements of the target entity.

The acquisition will be done through cash and will be executed in a period of three to six months.

The company was founded in 1969 and is engaged in the business of trading petrochemical products in India.

At 3:30 pm, the shares of Mysore Petro Chemicals closed 7.87% higher at Rs 178.10 on NSE.