Mumbai : Convergent Finance LLP, an investment advisor to Infinity Investment Management, announced an investment, upto INR 1,800 million (USD23.8 million) in Camlin Fine Sciences Limited (‘Camlin’), a vertically integrated company engaged in the manufacturing of antioxidants and aroma chemicals supplying the food industry globally. Structured as a subscription to equity warrants priced based on the prevailing market price and in accordance with applicable SEBI regulations, the investment will aggregate upto INR 1,800 million (USD23.8 million) and will result in an approximately 22.65% ownership stake on a fully diluted basis. As a critical step towards aligning the interests of all shareholders, terms of the investment contemplate the institution of an ESOP programme for senior management, accompanied by a call option provided to the promoters to increase their shareholding. Customary closing conditions, including shareholder approval, will apply.

Camlin is engaged in the research, development, manufacturing, and marketing of specialty chemicals and blends, which are used for many applications in the food industry and beyond. Camlin is a leading producer of anti-oxidants (used as food preservatives and in cattle feed) and is also the world’s third-largest producer of vanillin (the flavouring agent behind “vanilla”, used in food & beverages). Camlin has manufacturing facilities in India, Italy, Mexico, China and Brazil with R&D centres at India and Italy and application labs in India, Mexico, Brazil, USA and Italy. The company serves customers in more than 80 countries across the globe with more than 100 products and over 1,000 satisfied customers.