Styrolution ABS (India) said on Monday that INEOS will acquire BASF's 50% share in Styrolution, a joint venture between the companies. The purchase price to be paid by INEOS amounts to Euro 1.1 billion. A call option in favor of INEOS to buy BASF's share in Styrolution was already included in the shareholders' agreement signed in 2011.

The transaction is subject to approval by the appropriate antitrust authorities. Styrolution will continue to operate as an independent company until the completion of the deal, which is expected in the fourth quarter of 2014, it said.

Shares of te company are trading at Rs 610, up Rs 20.50, or 3.48% at the Bombay Stock Exchange (BSE) on Tuesday at 2:14 p.m.

The scrip has touched an intra-day high of Rs 640 and low of Rs 604. The total volume of shares traded at the BSE is 12,030.