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Hyderabad Jan. 25. Coromandel Fertilisers Ltd (CFL), part of the Murugappa Group, has made an open offer to the shareholders of Godavari Fertilisers and Chemicals Ltd (GFCL) for acquiring up to 20 per cent of the company's equity.

The move follows CFL's acquisition of 25 per cent of GFCL's shares held by Indian Farmers Fertiliser Co-operative Ltd (IFFCO), at a price of Rs 150 per share recently. CFL has entered into a share purchase agreement with IFFCO to acquire about 80 lakh shares of GFCL held by IFFCO.

The open offer was made by Kotak Mahindra, the lead manager to the offer on behalf of CFL as per SEBI regulations, according to the company's notice to the BSE today. The offer opens on March 1 and closes on March 20.

More Stories on : Open Offers | Fertilisers

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