During May 2011, Coromandel had signed a Share Purchase Agreement (SPA) with the promoters of Sabero to acquire their shareholding in Sabero. Consequent to the signing of the SPA, Coromandel had made an Open Offer to the public shareholders of Sabero to acquire upto 31% of the share capital of Sabero at Rs.160 per share. The response to the Open Offer was overwhelming and the acceptance was made on proportionate basis.
The Open Offer process has been completed successfully and consideration paid to the respective shareholders. The shares held by the erstwhile promoters, aggregating to 36.75%, have also been acquired. With the completion of the Open Offer and the acquisition of shares from the erstwhile promoters, the shareholding of Coromandel in Sabero has increased to 67.75%. Consequently, Sabero Organics has become a subsidiary of Coromandel and a part of Murugappa Group. Along with its subsidiary company, the total shareholding of Coromandel now stands at 69.10%.
Coromandel is a very strong player in domestic pesticides formulations market with a wide dealer network, strong brand and farmer preference. Sabero is a strong player in technical pesticides market, both in India and abroad. With the synergies of coming together, Coromandel and Sabero will be a strong force in the pesticides market both in domestic and export markets and is expected to grow stronger.
About the Coromandel International Limited
Coromandel International Limited, India’s second largest Phosphatic fertilizer player, is in the business segments of Fertilizers, Specialty Nutrients, Crop Protection and Retail. The Company manufactures a wide range of fertilizers and markets around 2.9 million tons making it a leader in its addressable markets.
In its endeavor to be a complete plant nutrition solutions Company, Coromandel has also introduced a range of Specialty Nutrient products including Organic Fertilizers. The Crop Protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. Coromandel is the second largest manufacturer of Malathion and only the second manufacturer of Phenthoate. Coromandel has also ventured into the retail business setting up more than 425 rural retail centers in the agriculture and lifestyle segments.
The Company clocked a turnover of Rs. 7,527 Cr during FY 2010-11. lt was ranked among the top 20 best companies to work for by Business Today and was also voted as one of the ten greenest companies in India by TERI, reflecting its commitment to the environment and society. Coromandel is a part of the Rs.17051 Cr Murugappa Group. For more details, please visit www.coromandel.biz
About the Murugappa Group
Founded in 1900, the Rs. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eight listed Companies actively traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo and Morgan Crucible. The Group has a wide geographical presence spanning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
For Media queries, please contact
Sreenivasa Rao Behara
Head – PR, Coromandel International Limited
Tel : 040 – 66997476, 27842034/27847212
Mobile : 9963550040