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Coromandel to buy stake in FICOM

Our Bureau

Hyderabad, March 16

The board of directors of Coromandel Fertilisers Ltd (CFL), part of the Chennai-based Murugappa Group, at its meeting held on Thursday, has approved a proposal for acquiring 50.2 per cent of the equity shares of the Mumbai-based FICOM Organics Ltd (FICOM) from its promoters/persons acting in concert. Consequent to this approval, CFL has entered into a share purchase agreement with the FICOM promoters/persons acting in concert, the company informed the stock exchanges. FICOM Organics is involved in developing, manufacturing and marketing alkyl phenols and other agricultural chemicals. The CFL board also approved a proposal wherein the company would make a public announcement to the shareholders of FICOM for acquiring further 24 per cent of equity from them under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.

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