Fertiliser manufacturer Coromandel International today said it has increased stake in Sabero Organics to 67.75%.
With the completion of this acquisition, the city-based company has become a subsidiary of Coromandel.
"On December 17, 2011 the company upon completion of all formalities under the open offer had acquired 1,05,00,000 equity shares from the shareholders of Sabero," the company said in a filing to the Bombay Stock Exchange (BSE).
With this acquisition, Coromandel's holding in Sabero is 2,29,44,453 equity shares representing 67.75% and effective December 17, Sabero has become its subsidiary company, the filing added.
However, financial details of the deal were not given.
In May, Coromandel had acquired 1,24,44,453 equity shares or 36.75% stake of Sabero Organics Gujarat from the promoters of Sabero, following a share purchase agreement.
Coromandel, part of the $3.8 billion-Murugappa Group, is engaged in manufacturing fertilisers, specialty nutrients, crop protection and retail, while Sabero is a producer and supplier of fungicides, herbicides and insecticides.
Shares of Coromandel today declined by 1.48% to settle at Rs 262.20 from its previous close on the BSE.
