Sumitomo Chemical India Private Limited completed the acquisition of 19.98% stake in Excel Crop Care Limited for INR 2.7 billion.
October 02, 2016
Share
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
Sumitomo Chemical India Limited is an India-based company. The Company manufactures, imports and markets products for crop protection, grain fumigation, rodent control, bio pesticides, environmental health, professional pest control and feed additive. It is primarily engaged in manufacturing and sales of household insecticides, agricultural pesticides, public health insecticides and animal nutrition products. It operates two segments, namely Agro Chemicals and Others (environmental health division and animal nutrition division). Its product range comprises of chemistry sourced from its parent company, Sumitomo Chemical Company and biological products sourced from United States-based subsidiary, Valent Biosciences LLC, which is engaged in producing a range of naturally occurring pesticides and plant growth regulators. It also produces various technical grade pesticides in its manufacturing units with indigenous research and development (R&D) facility.