MUMBAI: Shares of Kanoria Chemicals today rocketed nearly 20 per cent on BSE and NSE to their upper limit after Aditya Birla group firm, Aditya Birla Chemicals (India), said it will acquire the chloro chemicals pision of KCIL for Rs 830 crore.

Buoyed by the news, the Kanoria Chemicals & Industries’ shares surged by 19.93 per cent to Rs 49.35 a piece on Bombay Stock Exchange (BSE). Similarly, Aditya Birla Chemicals (India) also witnessed heavy buying by investors and jumped by 7.12 per cent to a month’s high of Rs 144.35.

On National Stock Exchange, shares of Kanoria advanced by 20.02 per cent to its upper limit of Rs 49.45, while Aditya Birla Chemicals’ scrip surged by 6.72 per cent to Rs 144.40 a piece.

The Board of Directors of Aditya Birla Chemicals (India) Limited (ABCIL) had on Saturday approved acquisition of the Chloro Chemicals Division (CCD) of KCIL for a cash consideration of Rs 830 crore.

With this acquisition, the total caustic soda capacity of ABCIL will increase from 1,05,000 tonnes per annum (tpa) to 2,20,000 tpa.