BASF India announced that CRISIL has reaffirmed rating at 'CRISIL AAA' and assigned 'Negative' outlook on the Non-Convertible Debenture Programme of the Company (earlier 'Rating Watch with NegativeImplications').

The ratings on the Fixed Deposits and Commercial Paper have been reaffirmed at 'FAAA/Stable' and 'CRISIL A1+', respectively.

CRISIL's Commercial Paper ratings are in addition to the credit rating of “IND A1+” awarded to the Company by India Ratings and Research Private Limited (A Fitch Group Company) for Commercial Paper programme of Rs. 750 crore.

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The Board of BASF India at its meeting held on 27 August 2020 have approved the Scheme of Merger by absorption of BASF Performance Polyamides India, a Wholly Owned Subsidiary, with BASF India and their respective Shareholders, subject to necessary statutory andregulatory approvals, including the approval of National Company Law Tribunal, Mumbai.

BASF Performance Polyamides was originally incorporated as Rhodia Polymers & Specialties India on 31 January, 2011 and is into the business of manufacture/trading of performance polyamides having onemanufacturing site at Panoli, Gujarat. It has wide range of engineering plastics (major brand: Technyl®) and serves automobiles, electrical and consumer goods. The audited aggregate revenue (Operations & OtherIncome) of BASF Performance Polyamides for the past 3 financial years i.e. FY 2016-17, FY 2017-18 and FY 2018-19 was Rs.131.42 crore, Rs. 174.13 crore and Rs. 246.85 crore respectively.

It may kindly be noted that as BASF Performance Polyamides is a wholly owned subsidiary of the Company, noconsideration shall be payable pursuant to the merger of the BASF Performance Polyamides with the Company.Further, there will be no change in the shareholding of the Company, pursuant to the said merger.

The merger of BASF Performance Polyamides with the Company would strengthen the Company's position asa solution provider for key industries & would enhance market access to key growth markets. It would help theCompany in expanding its existing 'Materials' segment and extend value chain through backward integration intokey raw materials. The Polyamides business also has operational synergies with the Engineering Plasticsbusiness of the Company and merging BASF Performance Polyamides with the Company will ensure focusedmanagement thereby resulting in efficiency of management and maximizing value to the shareholders.

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Va Tech Wabag Ltd, Somany Ceramics Ltd, V-Mart Retail Ltd and Jindal Stainless (Hisar) Ltd are among the other gainers in the BSE's 'A' group today, 21 August 2020.

BASF India Ltd surged 20.00% to Rs 1617.15 at 11:53 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 19031 shares were traded on the counter so far as against the average daily volumes of 4616 shares in the past one month.

Va Tech Wabag Ltd spiked 15.93% to Rs 212.5. The stock was the second biggest gainer in 'A' group. On the BSE, 3.28 lakh shares were traded on the counter so far as against the average daily volumes of 61693 shares in the past one month.

Somany Ceramics Ltd soared 15.05% to Rs 163.25. The stock was the third biggest gainer in 'A' group. On the BSE, 17145 shares were traded on the counter so far as against the average daily volumes of 7992 shares in the past one month.

V-Mart Retail Ltd added 14.54% to Rs 2215.05. The stock was the fourth biggest gainer in 'A' group. On the BSE, 11112 shares were traded on the counter so far as against the average daily volumes of 818 shares in the past one month.

Jindal Stainless (Hisar) Ltd gained 13.04% to Rs 109.2. The stock was the fifth biggest gainer in 'A' group. On the BSE, 3.59 lakh shares were traded on the counter so far as against the average daily volumes of 76318 shares in the past one month.

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BASF India announced that on 18 August 2020 the company has acquired 100% stake in BASF Performance Polyamides India from BASF Nederland B.V. and BASF SE for an aggregate consideration of Rs. 302.90 crore.

BASF Performance Polyamides India is now a wholly owned subsidiary of the Company.

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