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Coromandel International's arm gets nod to acquire 8.82% in BMCC

25 Sep 2024 Evaluate

Coromandel International's wholly owned subsidiary -- Coromandel Chemicals (CCL) has received approval for acquisition of 44,094 fully paid ordinary shares of face value of XOF 23,000 per share of Baobab Mining and Chemicals Corporation SA, Senegal (BMCC), representing 8.82% of issued share capital of BMCC, from Baobab Fertilizer Africa (BFA), which is an existing shareholder of BMCC, at a consideration of $3.84 million. 

The acquisition is being made to secure supply of raw materials, on a long-term and sustainable basis. The Investment is likely to be completed by CCL during the second and third quarter of FY 2024- 25 and is subject to receipt of approval of Government of Senegal and satisfactory completion of conditions precedent as contained in the definitive agreements entered into by CCL. 

The board also approved extension of loan to BMCC up to $6.50 million to support repayment of loan from BMCC to BFA, fund expansion of the projects of BMCC and meet working capital requirements of BMCC by the company’s wholly owned subsidiary CCL. The Board of Directors of the company at their meeting held on September 25, 2024, have considered and approved the same. 

Coromandel International is amongst India's pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain.


Coromandel Interntl. Share Price

1927.70 -36.80 (-1.87%)
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