Coromandel International makes open offer for NACL Industries
Following its decision to acquire a majority stake in the Hyderabad-based NACL Industries, Coromandel International Limited, a Murugappa group company that provides agri solutions, has announced an open offer for the acquisition of up to 5.24 crore fully paid-up equity shares of face value of ₹1 each from the public shareholders of the target company.
The shares with the public represent 26 per cent of the voting share capital of the target company.
It offered a price of ₹76.70 a share, aggregating to a total consideration of up to ₹402 crore.
Coromandel, an agri-solutions company belonging to the Murugappa group, announced that it signed a definitive agreement to acquire a 53 per cent in NACL Industries for a consideration of ₹820 crore at a price of ₹76.70 a share from the current promoter KLR Products Limited.
The shares of NACL Industries went up by 10 per cent, trading at ₹87.74 at noon on Thursday.
The shares of Coromandel Intl are trading at ₹1,783/15, up by 1.17 per cent
