MoneyWorks4Me

EID Parry sells stake in Coromandel International

30 Dec 2020 Evaluate

EID Parry (India) has sold 58,50,000 equity shares of Re 1 each held in Coromandel International (Coromandel) in the open market at an average price of Rs 803.1894 per share. Post the above mentioned 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.

EID Parry (India) is a significant player in Sugar with interests in promising areas of Bio Pesticides and Nutraceuticals. The company also has a significant presence in Farm Inputs business through its subsidiary, Coromandel International.

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