CCI approves Coromandel International’s majority stake purchase in NACL Industries; shares lock in upper circuit

Shares of NACL Industries Ltd hit 5% upper circuit on Thursday after the CCI approved the acquisition of the company by Coromandel International, a Murugappa group company. Meanwhile, shares of Coromandel International closed in red with 1.3% losses on Thursday.

Coromandel International has received approval from the Competition Commission of India (CCI) to acquire 10,68,96,146 equity shares representing 53.13% of the paid-up equity share capital of NACL Industries from KLR Products, Mrs. K. Lakshmi Raju and Bright Town Investment Advisor.

Additionally, the Coromandel International has received CCI’s approval to acquire 5,500 equity shares of NACL Industries from Krishi Rasayan Exports and 5,500 equity shares from Agro Life Science Corporation.

NACL Industries is a renowned player in the Agrochemical space. The company is an established player with a PAN India presence and is among the top Indian Agrochemical companies.

Since the acquisition offer was made, the shares of NACL Industries have more than doubled in the span of 4 months. The rally is particularly driven by the optimism around the company’s turnaround after the aquisition.

Coromandel International Limited is India’s pioneer and leading agri-solutions provider, offering diverse products and services across the farming value chain. The company is in the business segments of Fertilisers, Speciality Nutrients, Crop Protection and Retail.