Sabero Organics Gujarat Ltd has inducted board members from Murugappa group's fertiliser company Coromandel International Ltd as additional directors on its board, the company said in a filing to the stock exchanges.
The action follows Coronamdel's acquisition of 42.22 per cent of promoter and promoter group stake in the agrochemical firm.
As per the announcement, the board of directors of Sabero in a meeting, approved the appointment of V Ravichandran, managing director of Coromandel International Ltd, and of M K Tandon, independent director on the board of Coromandel International Ltd, as additional directors of the company.
Coromandel International, in May 2011, announced the acquisition of 42.22 per cent stake in Sabero Organics in an all-cash deal of Rs 284 crore. The company's board also approved purchase of up to 31 per cent from the shareholders of Sabero Organics, Coromandel International said earlier.
Coromandel International has funded 100 per cent of the open offer in escrow account amounting to Rs 168 crore, as per information from Enam Securities Pvt Ltd, the lead manager of open offer.