Coromandel International rises on inking pact to acquire majority stake in NACL Industries
Coromandel International is currently trading at Rs. 1774.45, up by 12.00 points or 0.68% from its previous closing of Rs. 1762.45 on the BSE.
The scrip opened at Rs. 1762.45 and has touched a high and low of Rs. 1777.50 and Rs. 1738.00 respectively. So far 2740 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1977.10 on 06-Jan-2025 and a 52 week low of Rs. 1036.65 on 20-Mar-2024.
Last one week high and low of the scrip stood at Rs. 1783.15 and Rs. 1700.00 respectively. The current market cap of the company is Rs. 51412.57 crore.
The promoters holding in the company stood at 56.97%, while Institutions and Non-Institutions held 29.33% and 13.71% respectively.
Coromandel International has signed definitive agreements to acquire majority stake in NACL Industries (NACL). NACL is an India based Crop Protection player having strong branded formulation business in domestic markets, exports Technicals in key global geographies and has presence in contract manufacturing operations with global multinational agrochemical companies. The company is set to acquire 53% shareholding in NACL industries, for consideration of Rs 820 crore at Rs 76.7 price per share from the current promoter KLR Products. The company also proposes to make an open offer to the public to acquire upto 26% of the equity share capital of the company as per the SEBI Takeover Regulations. The proposed transaction is subject to regulatory approvals and is likely to be consummated over next few months.
The proposed acquisition will position Coromandel International as one of the leading players in the Indian Crop Protection industry with a wide range of technicals and pan India presence in domestic formulation business. This will also help in expanding Coromandel’s scale, accelerating its entry into contract manufacturing business, fast-tracking new product commercialization and expanding its product portfolio.
Coromandel International is amongst India's pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain.
