National Peroxide had closed yesterday at Rs.978.85 and today, it opened up at Rs.1053, going on to hit a new high at Rs.1060.

The reason for this euphoria is the news that Nusli Wadia’s group is acquiring 25% stake in the company. This stake is being bought from Solvay Chemicals of Belgium.

The Wadia group currently holds a 45.4% stake in the company and post this transaction, it will increase the holding to 70%.

Financial details are yet to emerge but the grapevine has it that the deal is valued at Rs.140 crore.

National Peroxide is the largest domestic producer of hydrogen peroxide, with a current capacity of 95,000 MTPA, with a 45%.  The company is jointly promoted in 1956 by Bombay Burma Trading Corporation and Laporte Industries, UK. Originally, Laporte and Slovay had a JV, which Slovay acquired and got the 25.1% stake.