Proceeds to be used for debt reduction
EID Parry (India) has sold today 58,50,000 equity shares of Re 1 each held in Coromandel International in the open market at an average price of Rs. 803.1894 per share. Post the abovementioned sale, the Company holds 16,54,55,580 shares of Rs.1/- each representing 56.42% of the paid-up capital of Coromandel.The proceeds of the sale will be used to bring down the debt of the company including its Wholly Owned Subsidiary, Parry Sugars Refinery India and for general corporate purposes.
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