Sabero Organics Gujarat jumped by 10% to hit the upper circuit in early trade on the bourses today after Coromandel International said it will acquire a 42.2% stake in the agrochemical manufacturer for Rs 250 crore.
Shares of Sabero soared by 9.99% to touch the upper limit of Rs 118.40 on the BSE, while on the NSE, they spurted by 10.03% to hit the upper circuit of Rs 119.05.
Meanwhile, fertiliser company Coromandel International fell by 0.91% to Rs 314.50 on the BSE.
Coromandel International Limited will make an open offer to purchase an additional 31% stake in Sabero at Rs 160 per share from the market.
After the open offer, the total acquisition cost will be over Rs 400 crore, which will be met through internal accruals.
