In line with SEBI Takeover Regulations, Coromandel will also make an open offer to acquire up to 26% of NACL’s equity share capital from public shareholders. The proposed transaction is subject to regulatory approvals and is likely to be consummated over the next few months.
Also Read: Coromandel International hikes stake in Senegal’s Baobab Mining, to invest $10.34 millionThe proposed acquisition will position Coromandel as one of the leading players in the Indian crop protection industry with a wide range of technicals and a pan-India presence in the domestic formulation business.
This will also help in expanding Coromandel’s scale, accelerating its entry into the contract manufacturing business, fast-tracking new product commercialisation and expanding its product portfolio.NACL Industries operates technical and formulation plants in Andhra Pradesh, besides having centralised R&D facility near Hyderabad. NACL’s subsidiary has also recently invested in technical grade facility at Dahej, capable of manufacturing Active Ingredients.
Also Read: Coromandel International Q2 Results | Agro firm’s net profit rises 12%, revenue up 6%
It has established formidable partnerships with key global players, offering contract manufacturing services for over two decades. The company has a strong brand presence in the domestic formulations segment with a pan-India footprint.
JM Financial Limited acted as exclusive financial advisor to Coromandel for this transaction and is also the Manager to open offer. AZB & Partners acted as the company’s Legal Counsel, E&Y acted as financial diligence and tax diligence advisor, and SSPA & Co. Chartered Accountants acted as independent valuers.
Shares of Coromandel International Ltd ended at ₹1,758.00, up by ₹34.60, or 2.01%, on the BSE.
Also Read: NCLT extends deadline for final ₹4,500 crore leg of Reliance Capital resolution
First Published: Mar 12, 2025 9:46 pm IS
