Coromandel Fertilisers Board approves acquisition of Godavari Fertilisers Shares

Coromandel Fertilisers Ltd has announced that the Board of Directors at its meeting held on January 23, 2007, inter alia, has approved the acquisition of 8001000 equity shares of Godavari Fertilizers and Chemicals Ltd,(GFCL) held by Indian Farmers Fertiliser Co-Operative Ltd (IFFCO) representing 25% of equity of GFCL at a price of Rs 150/- per share. The Board also approved to make a public announcement to the shareholders of GFCL for acquiring upto 20% of equity shares of GFCL pursuant to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 at such price determined as per the said Regulations.

Further the Company has informed that the Company has, pursuant to the approval of the Board, entered into a Share Purchase Agreement with IFFCO for acquiring 8001000 equity shares of GFCL held by IFFCO.

Source : Equity Bulls

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