Shares of PCBL hit a 52-week high of Rs 271.45 on 29 November after the company said that its Board of Directors had considered and approved the proposal to acquire 2,12,172 shares that represent a 100% stake in Aquapharm Chemicals Pvt Ltd for a total consideration of Rs 3,800 crore.

The company informed the exchanges that the acquisition would be funded through a mix of internal accruals and external fundraising done by its associates and the company.

The acquisition will help the company make its entry into global speciality segments of water treatment chemicals and oil & gas chemicals.

The company added that this acquisition would be the initial milestone in realising its vision of building a multi-platform global speciality chemical business portfolio.

The company is based in Pune and is among the top three speciality chemical companies that are into manufacturing and water treatment chemicals.

The company manufactures chemicals such as biodegradable chelating agents, phosphonates, biocides, polymers and oil field chemicals that have applications in diverse industries. The company has a manufacturing site in India, the United States of America, and Saudi Arabia.

At 3:30 pm, the shares of PCBL closed 4.98% higher at Rs 266.90 on NSE.