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Sabero Organics Gujarat jumped by 10 per cent to hit the upper circuit in early trade on the bourses today after Coromandel International said it will acquire a 42.2 per cent stake in the agrochemical manufacturer for Rs 250 crore.
Shares of Sabero soared by 9.99 per cent to touch the upper limit of Rs 118.40 on BSE, while on NSE, they spurted by 10.03 per cent to hit the upper circuit of Rs 119.05.
Meanwhile, fertiliser company Coromandel International fell by 0.91 per cent to Rs 314.50 on BSE.
Coromandel International Ltd will make an open offer to purchase an additional 31 per cent stake in Sabero at Rs 160 a share from the market.
After the open offer, the total acquisition cost will be over Rs 400 crore, which will be met through internal accruals.
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