Excel Crop to buy 25% stake in Aimco Pesticides

The board of directors of Excel Crop Care, which met today, approved a proposal to subscribe to 23 lakh equity shares of Rs 10 each of Aimco Pesticides (APL) on preferential basis at Rs 24.50 per share.

According to a release issued by Excel to the BSE today, this would result in the company acquiring 24.90% of post preferential issue paid-up share capital of APL.

"The acquisition of 23 lakh equity shares of APL requires the company to make an offer to the public shareholders of APL to acquire up to 18.50 lakh shares. The company would, accordingly, be making a public announcement to the shareholders of APL," the release added.

An extraordinary general meeting (EGM) of shareholders of Excel will be held on December 1, 2005 to approve the proposal, the release added.