Coromandel buys 9% stake in Sabero Organics

Fertilizer manufacturer, Coromandel International (CIL) has acquired 30,47,947 shares or 9% stake in Sabero Organics Gujarat (SOGL) on June 23, 2011 through the promoters of the company. The shares have been credited to an escrow demat account and the same would move into the company's (ZIL) demat account upon completion of the open offer.

CIL is engaged in manufacturing of fertilizers, specialty nutrients, crop protection and retail, while Sabero is a producer and supplier of fungicides, herbicides and insecticides. CIL, a part of the $3.8 billion-Murugappa Group, had last month announced that it is going to acquire 42.2% stake in SOGL, a Mumbai-based agrochemicals manufacturer, for Rs 250 crore in an all cash deal.