Chennai, Aug. 8 -- Fertiliser major Coromandel International Limited, today announced the successful closure of the Share Purchase Agreement (SPA) for the acquisition of promoter shareholding in NACL Industries Ltd (NACLIND).
With this transaction, Coromandel has formally acquired a controlling stake of 53% in NACL. The ongoing Open Offer to acquire up to 26% additional stake from public shareholders under the SEBI Takeover Regulations remains in process and shall follow the prescribed regulatory timelines, the company said today.
Following the 53% stake acquisition, Natarajan Srinivasan, S Sankarasubramanian andDr. Raghuram Devarakonda have joined the Board of NACL Industries today.
In addition, the Board of NACL Industries Ltd., at its...