The Hindu Business Line : Godavari Fert ceases to be CFL subsidiary

COROMANDEL Fertilisers Ltd (CFL) has informed the bourses that the holdings of the company in Godavari Fertilisers and Chemicals Ltd (GFCL), consequent to sale of 16,00,000 equity shares to Groupe Chimique Tunisien (GCT), have come down to 45.07 per cent of the equity capital of GFCL and GFCL ceases to be a subsidiary company of CFL effective March 29, 2004.

CFL has also informed the stock exchange that the company has submitted an expression of interest (EOI) to participate in the proposed sale of the strategic shareholdings in Foskor Ltd of South Africa by the Industrial Development Corporation of South Africa through the competitive sale process. The company's board of directors at their meeting held on March 31, 2004 approved the submission of EOI in this regard.

Incidentally, apart from CFL, both GCT of Tunisia and South Africa's Foskor were among the companies that took part in the bidding for the Andhra Pradesh Government's stake in GFCL. In the bids opened in June last year, CFL had emerged as the highest bidder by offering Rs 124 per share against Rs 96 per share by Foskor and Rs 70 per share by GCT. Following the acquisition of 25.88 per cent (82.80 lakh shares) stake of Andhra Pradesh Government in GFCL, CFL had to go in for open offer for acquisition of an additional 20 per cent stake in the company.

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