Coromandel acquires 9% stake in Sabero Organics

Fertiliser manufacturer Coromandel International (CIL) today said that it had bought 9% stake in Sabero Organics Gujarat (SOGL) through promoters.

The company (CIL) in a filing to the Bombay Stock Exchange (BSE), said that it had acquired 30,47,947 shares or 9% stake in SOGL on June 23 through the promoters of the company (Sabero).

The shares have been credited to an escrow demat account and the same would move into the company's (ZIL) demat account upon completion of the open offer, the filing added.

CIL, a part of the $3.8 billion-Murugappa Group, had last month announced that it is going to acquire 42.2% stake in SOGL, a Mumbai-based agrochemicals manufacturer, for Rs 250 crore in an all cash deal.

Kapil Mehan, managing director, CIL had said that it would come out with an open offer to acquire an additional 31% stake at Rs 160 per share from the market taking the total cost of acquisition to over Rs 400 crore.

Separately, in another filing to the BSE, SOGL said, that two of its promoters had sold a total of 30,47,947 shares in the company on June 23.

CIL is engaged in manufacturing of fertilisers, specialty nutrients, crop protection and retail, while Sabero is a producer and supplier of fungicides, herbicides and insecticides.

Shares of CIL today closed at Rs 330.45, up by 2.54% from its previous close on the BSE.