Himadri Speciality Chemical (NSE:HSCL, BOM:500184) has approved the acquisition of a 60% equity share capital of critical and industrial minerals Trancemarine and Confreight Logistics for a total purchase consideration of 42.4 million Indian rupees, according to a Friday filing to the Indian stock exchanges.

On completion of the acquisition, Trancemarine and Confreight Logistics will become a subsidiary of Himadri Speciality Chemical, and its subsidiary Sturdy Niketan will become a step-down subsidiary of the company.

Shares were down nearly 4% in recent trade.