Shares of Excel Crop Care rose by over 4 per cent in intra-day trade before ending flat today after the company said Japanese conglomerate Sumitomo has acquired 44.98 per cent stake in the firm and also announced a Rs 415.80 crore open offer.
The stock gained 4.4 per cent to Rs 1,274.85 in intra-day trade, but later gave up the gains and ended flat at Rs 1,220, down 0.09 per cent on BSE.
At NSE, shares of the company settled 0.16 per cent lower to close at Rs 1,222.65 after rising 2.47 per cent to Rs 1,255.
Sumitomo has acquired 44.98 per cent stake in Excel Crop Care for around Rs 623.44 crore and also announced launch of Rs 415.80 crore open offer to acquire further 30 per cent stake in the company.
Mumbai-based Excel Crop Care, in a filing to BSE yesterday, said that its board in a meeting approved a share purchase agreement between the company, its promoter group entities and certain public shareholders, and Sumitomo Group.
Under the agreement, Sumitomo is acquiring over 49.5 lakh equity shares of the company at Rs 1,259.36 apiece, from the company, promoter group entities and certain public shareholders, comprising members of Ratnabali Group, the filing said.
The company and promoter group entities are selling 27,20,501 shares, aggregating to 24.72 per cent stake of total paid up equity share capital to Sumitomo Chemical Company and its nominees.
Besides, Sumitomo Chemical Company is acquiring 22,30,000 equity shares, aggregating to 20.26 per cent stake, from public shareholders.
In a separate filing, Excel Crop Care said that Sumitomo will launch an open offer for public shareholders to acquire over 33 lakh shares, constituting 30 per cent stake, at a price of 1,259.36 apiece, amounting to Rs 415.80 crore.
