Fertiliser maker Coromandel International has received its board’s approval to merge its two subsidiaries Liberty Phosphate and Liberty Urvarak with itself through a scheme of arrangement, subject to approval of the stock exchanges, shareholders and creditors. Coromandel, along with its wholly owned subsidiary Liberty Urvarak, hold 79.62% stake in Liberty Phosphate.
Shareholders of Liberty Phosphate will be issued shares in Coromandel in the ratio of seven shares of Re 1 each of Coromandel for every eight equity shares of Rs 10 each of Liberty Phosphate. The shares held by Coromandel and Liberty Urvarak in Liberty Phosphate shall get extinguished.
Coromandel International is the country’s second-largest phosphatic fertilizer player. Its crop protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. The firm has also ventured into the retail business, setting up more than 640 rural retail centres in Andhra Pradesh and Karnataka.