Sumitomo Chemical India Private Limited made an offer to acquire 30% stake in Excel Crop Care Limited (BSE:532511) for INR 4.2 billion on June 5, 2016. Sumitomo Chemical India Private Limited will acquire 33 million shares at the price of INR 1,259.36 per share. The offeror has sufficient funds to finance the transaction. The transaction is subject to statutory and regulatory (RBI) approvals and approval by antitrust authorities of Colombia and Tanzania and no minimum number of acceptances is required. The offer will open on July 27, 2016 and will close on August 9, 2016. As of August 16, 2016, the date of expiry of the tendering period was revised to September 9, 2016. The independent committee of Directors of Excel Crop considers the transaction to be fair and reasonable and suggest the shareholders to independently evaluate the offer. As of September 27, 2016, the transaction received approval under Tanzania Anti Trust Laws. The member of Committee of Independent Directors includes Sandeep Junnarkar, Mukul G Asher, B.V.Bhargava and Vinayak B.Buch. Nufarm sold its stake on October 3, 2016. Ayush Jain and Ujjaval Kumar at ICICI Securities Limited acted as manager of the offer for Sumitomo. Dinesh Yadav of Link Time India Pvt. Ltd. acted as registrar and V.B. Mundada & Co. acted as accountant for Sumitomo Chemical India Private Limited. Price Waterhouse & Co LLP acted as independent financial advisor for the committee of independent Directors of Excel Crop.

Sumitomo Chemical India Private Limited completed the acquisition of 19.98% stake in Excel Crop Care Limited (BSE:532511) for INR 2.7 billion on October 3, 2016