After announcing plans to acquire a majority 53% stake in NACL Industries (formerly Nagarjuna Agrichem), from a promoter, Murugappa Group company Coromandel International has made a mandatory open offer to acquire 26% from the public shareholders.
The open offer is to acquire more than 5.24 crore equity shares of NACL Industries constituting 26% of the voting share capital at a price of ₹76.70 each aggregating to more than ₹402.38 crore, Coromandel International said. The open offer is required under the SEBI Takeover Regulations.
This is the same price at which it plans to acquire 53% stake in NACL Industries for ₹820 crore from the current promoter KLR Products Ltd. The acquisition will make it one of the leading Indian crop protection players, Coromandel International said on Wednesday announcing signing of definitive agreements to acquire a controlling stake in NACL Industries.
On Thursday, NACL shares closed 15.92% higher at ₹92.33 each on the BSE. Coromandel International shares closed 1.95% higher at ₹1,796.85 apiece.
Published – March 13, 2025 08:45 pm IST
