Coromandel Fertilisers acquires IFFCO''s stakes in Godavari Fertilisers

18 Apr 2007

1

Chennai: Coromandel Fertilisers Limited, part of the $1.6-billion Chennai-based Murugappa group, has acquired a 25-per cent equity (80.01 lakh shares) held by Indian Farmers Fertiliser Cooperative Limited (Iffco) in Godavari Fertilisers and Chemicals Limited for Rs150 per share.

The purchase is in pursuant to the share purchase agreement signed between Coromandel Fertilisers and Iffco. The total price works out to Rs120 crore.

Making an open offer to the shareholders of Godavari Fertilisers at the same price Coromandel Fertilisers acquired additional 4.85 per cent stake. With this the total shareholding of Coromandel Fertilisers in Godavari Fertilisers goes up to 74.92 per cent.

Godavari Fertilisers was formed as a joint venture company between Government of Andhra Pradesh and Iffco in December, 1981. Subsequent the Andhra government divested its stake in Godavari Fertilisers in July, 2003.

Kotak Mahindra Capital Company Limited acted as the exclusive financial advisor for the above transaction.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers