Sabero Organics Gujarat has plunged 17% to Rs 102 after the fertilizers major Coromandel International, part of the Murugappa Group, took control of the company.
The board of Sabero Organics Gujarat, at its meeting held on December 2, 2011, accepted the resignation of Hero J Chuganee as chairman and director of the company with immediate effect.
“The board has appointed MK Tandon as a chairman and appointed Hero J Chuganee as chairman emeritus of the company," the maker of insecticides and herbicides said in a filing to the stock exchanges.
The board has also appointed Jayesh Gandhi and Sujal Shah as additional directors (independent directors) of the company, it added.
In July, 2011, Coromandel proposed to acquire the 42.22% stake in Sabero Organics held by promoters at Rs 160 a share, along with a non-compete fee of Rs 38.47 a share.
The stock opened at Rs 125 and hit a low of Rs 100 on the National Stock Exchange (NSE). A combined 26,494 shares have changed hands on the counter so far.
