The Company was founded in 2003 as a partnership firm in the name of Rossari Labtech by Mr. Edward Walter Menezes, and Mr. Sunil Srinivasan Chari, who are both career-technocrats cumulatively having o
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ver 45 years of experience in the specialty chemicals industry. It was further renamed to Rossari Biotech Limited and converted into a company in 2009. The Company has two state-of-the art facilities at Dahej, Gujarat and Silvassa, Dadra Nagar & Haveli and is mainly engaged in manufacturing, selling and distribution of specialty chemicals. The products cater to global brands in the FMCG sector and find applications in a host of consumer-centric products and home and personal care products, textile chemicals, animal health and nutrition and cosmetic products.
During the FY2020, 50,00,000 equity shares of face value of Rs 10 each was sub-divided into 2,50,00,000 Equity Shares of face value of Rs 2 each. Accordingly 4,400,000 paid-up equity shares of face value of Rs 10 each was split into 22,000,000 Equity Shares of face value of Rs 2 each.
The Company has issued and allotted 2,64,00,000 Equity Shares of face value of Rs 2/- each to the eligible Members of the Company in the ratio of 6(Six) Equity share for every 5 (Five) Equity shares, as Bonus Equity shares.
During the year 2019-20, in compliance with the provisions of Sections 42 & 62 of the Act and Rules made thereunder, the Company has issued and allotted 23,52,920 Equity Shares of face value of Rs 2/- each to the eligible Qualified Institutional Buyers at issue price of Rs 425/- per Equity Share i.e. at a premium of Rs 423/- per Equity Share aggregating to Rs 99,99,91,000 /-on preferential basis through private placement.
During the second quarter of FY2021,the Company has completed Initial Public Offer (IPO) of 11,676,470 Equity Shares of the face value of Rs. 2/- each at an issue price of Rs. 425/- per Equity Share, comprising offer for sale of 10,500,000 shares by Selling Shareholders and fresh issue of 1,176,470 shares. The Equity Shares of the Company were listed on 23 July 2020 on Bombay Stock Exchange and National Stock Exchange of India Limited.
The Company has a wholly owned subsidiary, Rossari Personal Care Products Private Limited (Formerly known as Neutron Impex Private Limited) which was engaged in the business of manufacturing, exporting and importing specialty chemicals, dyes, etc. upto 31 March 2015. The Company has also acquired a Joint Venture (JV) company, Buzil Rossari Private Limited, engaged in the business of providing Trading of specialty chemicals. Buzil Rossari Private Limited ('BRPL') became a wholly owned subsidiary of the Company w.e.f. 31 August 2020.
During the year ended on 31 March, 2021, the Board of Directors at its meeting held on 23 March, 2021, has approved the issue of 3,012,046 equity shares on preferential basis for cash consideration . Subsequent to year ended 31March, 2021, the shareholders of the Company at its Extra Ordinary General meeting held on 17April, 2021 has approved issue of 3,012,046 shares of face value of Rs. 2 each on preferential basis at price of Rs. 996 per share aggregating to Rs. 3000.00 million. The allotment of the shares of the Company has been completed on 21April, 2021.
Pursuant to the lockdowns by the central and state government authorities to contain the spread of COVID-19 outbreak, the Company's operations and financial results for the year have been impacted. The operations gradually resumed in a phased manner with requisite precautions during the year ended 31 March, 2021. Company achieved the full commissioning of its Greenfield manufacturing facility at Dahej, Gujarat on 31st March, 2021.
During the quarter ended 30 June, 2021, the Company at the meeting of the Board of Directors held on 02 June, 2021 has agreed to acquire 100% of shareholding of Unitop Chemicals Private Limited at an aggregate consideration of Rs. 4,210 million from the existing shareholders in multiple tranches, subject to completion of the customary terms and conditions.
Also Subsequent to the quarter ended 30 June, 2021, the Company at the meeting of the Board of Directors held on 17 July, 2021 has agreed to acquire 100% shareholding of Tristar Intermediates Private Limited at an aggregate consideration of Rs. 1,200.00 million from the existing shareholders in multiple tranches, subject to completion of the customary terms and conditions.
Further, subsequent to quarter ended 30 June, 2021, the Company at its meeting of the Board of Directors held on 30 July 2021 has resolved to make a strategic investment by acquiring and/or subscribing to equity shares equivalent to 50.10% of the issued and paid-up share capital of Romakk Chemicals Private Limited ('Romakk') at an aggregate consideration of Rs. 75.10 million.
Subsequent to the quarter ended 30 June 2021, the Company has acquired balance 40% stake in its subsidiary Rossari Personal Care Products Private Limited for aggregate consideration of Rs. 20.00 million making it a wholly owned subsidiary of the Company.
Solar Panel was Installed at Dahej Plant to accommodate 1 MW Solar Power Installation in FY'22. Total Energy Savings in FY21-22 was 50 KVA. During the Financial Year 2021-22, the Company announced strategic acquisitions of three high-quality and high potential companies in the Speciality Chemical space viz. Unitop Chemicals Private Limited, Tristar Intermediates Private Limited, and Romakk Chemicals Private Limited. Strategic investment in Unitop Chemicals, Tristar Intermediates and Romakk Chemicals unlocked significant cross selling opportunities. A new line of products based on polyester chemistry was developed and ramped up at Rossari's Dahej facility, addressing a key product gap in textile portfolio for the sizing of market in polyester and cotton fabric. R&D introduced green products in newer divisions to reduce high TDS and save energy by designing products that work at lower temperatures. The Sustainable dyeing', programmed for blacks, using Green Chemistry, has been successful on knit fabric and is generating good interest from big brands.
During 2021-22, the Company acquired a controlling stake in Unitop Chemicals. It acquired Tristar Intermediates, one of India's leading manufacturers of preservatives, aroma chemicals, and home and personal care additives with high-tech distillation facilities. It completed the integration of Romakk Chemicals during FY'22, acquiring a 50.1% stake in the company. A joint development exercise between Tristar Intermediates' and Unitop Chemicals' R&D teams at Unitop's pilot plant led to development of a next-generation of preservative ingredients, with significant potential in the export market.
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