Gujarat Apollo Sells Credo Advanced Chemicals Investment for ₹37.63 Cr

Gujarat Apollo Industries Ltd announced its Board of Directors has approved the in-principle sale of its investment in Credo Advanced Chemicals Limited to Mr. Naman Madhav Patel for a consideration of ₹37,63,20,000. This sale is subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for September 28, 2026. The transaction involves 1,34,40,000 equity shares of Rs. 10 each, representing 17.96% of Credo Advanced Chemicals' total share capital. Credo Advanced Chemicals contributed 7.92% to Gujarat Apollo's overall turnover and net worth in the last financial year. The agreement date was September 3, 2026, and completion is expected within 90 days post-shareholder approval. The buyer is a non-related party. The company also announced the AGM date, record date for dividend, and appointment of a scrutinizer for the voting process.