Diversified group Coromandel International Limited has acquired an additional 36.75-per cent stake in Chuganee Group's Sabero Organics Gujarat Limited, taking its overall holding in the company to 67.5 per cent and making it a subsidiary.
Publicly-listed Sabero Organics is a manufacturer of crop protection products and a producer and supplier of fungicides, herbicides and insecticides and has its manufacturing facilities in India with marketing offices in India, Brazil, Europe, Australia and Argentina. Sabero products are sold in 50 countries.
Coromandel International Limited is in the business segments of fertilisers, speciality nutrients, crop protection and retail. Itmanufactures a wide range of fertilisers and markets around 2.9 million tonnes, making it a leader in its addressable markets and the second largest phosphatic fertiliser player in India.
Coromandel bought 12,444,453 equity shares, representing 36.75 per cent of the equity capital of Sabero Organics Gujarat Limited from the promoters of the company, the company said in a filing with the Bombay Stock Exchange (BSE).
The company, however, did not disclose the value of the transaction.
Coromandel had, on 30 May, picked up a 31 per cent stake in Sabero from its promoters and had entered into a share purchase agreement with them.