MUMBAI, 4 June 2020: Coromandel International Limited, leading agri solutions provider, offering diverse products and services across the farming value chain has informed the stock exchange that E.I.D. - Parry (India) Limited (EID Parry) has sold 58,50,000 equity shares of the Company through open market at a price of INR 629.1910 per share.
With this sale, EID Parry has estimated to have earned around INR 367 crore.
With this, EID Parry share holding in the company has come down by 1.99% to 58.48% representing 17,13,05,580 share of the company, from the earlier holding of 17,71,55,580 equity shares representing 60.47% of the paid up equity capital.
The company also informed the Bombay Stock Exchange (BSE) that EID Parry has already informed the exchange about the transaction by letter dated 2 June 2020.
The exchange has sought a clarification from the company on the sale, on which, the company in a statement said, “We are not aware of any reason for the significant increase in the volume of equity shares of our company, other than the above-said transaction. The increase in volume of equity shares is purely market driven.”
“The management of the company is in no way connected with such increase in trading volume,” the statement stressed.
Coromandel International is part of Murugappa Group and a subsidiary of EID Parry. It operates in two major segments: Nutrient and other allied businesses and crop protection. These include fertiliser, crop protection, specialty nutrients and organic fertiliser businesses.
The company has sixteen manufacturing units located in the states of Andhra Pradesh, Tamil Nadu, Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh and Jammu and Kashmir.