Axel Polymers Limited (BSE:513642) agreed to acquire Dhara Petrochemicals Pvt. Ltd. for INR 52.1 million on August 21, 2019. Under the terms of the transaction, Axel will issue 901 shares for every 100 Dhara shares. The turnover of Dhara Petrochemicals Pvt. Ltd. for the year ended March 31, 2019 was approximately INR 525,541,000 and total assets was INR 278,528,000. Transaction is subject to the requisite approval of the Securities and Exchange Board of India, The BSE Ltd., shareholders and creditors of Dhara Petrochemicals and Axel Polymers and the sanction of the National Company Law Tribunal, Ahmedabad Bench and such other statutory and regulatory authority. As of August 20, 2019, the audit committe of Axel recommended the transaction to Board. As of August 21, 2019, the Board of Axel, approved the transaction. MSKA & Associates acted as accountant and CapitalSquare Advisors Private Limited provided fairness opinion for Axel Polymers Limited. As of February 17, 2021, the transaction was approved by the shareholders and creditors. As of August 3, 2021, the transaction was approved by the National Company law Tribunal; Ahmedabad Bench. Axel Polymers Limited (BSE:513642) completed the acquisition of Dhara Petrochemicals Pvt. Ltd. on September 1, 2021.