Coromandel International makes open offer for 31 per cent of Sabero Organics Gujarat
03 Jun 2011
Murugappa group company Coromandel International Ltd has offered to acquire 31 per cent of the equity capital of crop protection chemicals maker Sabero Organics Gujarat Ltd from its public shareholders, for about Rs168 crore.
Coromandel International will acquire 1,05,00,000 shares of Sabero Organics Gujarat Ltd, of the face value of Rs10 each, at a price of Rs160 each, in cash.
The offer represents 31 per cent of the fully paid-up diluted equity share capital of Sabero Organics.
The offer is in accordance with the provisions of the SEBI regulations and subject to the terms and conditions set out in the letter of offer and public offer, the company said in a stock market release.
Hyderabad-based Coromandel International Ltd (CIL) has already acquired the entire 42.2 per cent promoters' stake in Sabero Organics Gujarat Limited, for Rs250 crore.
The open offer, when completed would give Coromandel International a 73 per cent stake on Sabero Organics. The offer values the company at Rs592.41 crore.
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