SABERO becomes subsidiary company of Coromandel International

Coromandel International Ltd. | Fertilizers | Chemicals & Fertilizers | BSE: 506395 | NSE: COROMANDEL

19 Dec 2011 Evaluate

Sabero Organics Gujarat (SABERO) has become a subsidiary company of Coromandel International with effect from December 17, 2011. Coromandel International holds 2,29,44,453 equity shares representing 67.75% in SABERO.

Earlier, Coromandel International had acquired 1,24,44,453 equity shares representing 36.75% of the equity capital of SABERO from the promoters of SABERO pursuant to a share purchase agreement entered into with them on May 30, 2011.

Further, the company had made an open offer to acquire 1,05,00,000 equity shares representing 31% of the equity capital of SABERO from the shareholders of SABERO. On December 17, 2011 the company upon completion of all formalities under the open offer, had acquired 1,05,00,000 equity shares from the shareholders of SABERO.

Coromandel International, a part of the $3.8 billion-Murugappa Group, is engaged in manufacturing of fertilizers, specialty nutrients, and crop protection.

Sabero Organics Gujarat has around 250 product registrations in over 50 countries, including Brazil, Europe, Australia and African countries. Coromandel International to expand its overseas market will leverage the large export base of Sabero, which derives 50 percent of the revenues from international markets.