Japanese conglomerate Sumitomo Corp. has acquired 44.98% stake in Excel Crop Care Ltd for around Rs.623.44 crore and also announced the launch of a Rs.415.80 crore open offer to acquire further 30% stake in the company.
Mumbai-based Excel Crop Care in a filing to BSE Ltd said its board in a meeting on Sunday 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 the promoter group entities are selling 27,20,501 shares, aggregating to 24.72% stake of the total paid-up equity share capital to Sumitomo Chemical Co. and its nominees.
Besides, Sumitomo Chemical Co. is acquiring 22,30,000 equity shares, aggregating to 20.26% stake from public shareholders.
In a separate filing, Excel Crop Care said Sumitomo will launch an open offer for public shareholders to acquire over 33 lakh share, constituting 30% stake, at Rs.1,259.36 apiece, amounting to Rs.415.80 crore.
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