IFFCO sells 25 per cent stake to CFL

Chennai, Apr 16 (UNI) Indian Famers Fertiliser Cooperative Limited (IFFCO) has sold its 25 per cent equity holding to Coromandel Fertilizers Limited (CFL) at a price of Rs 150 per share pursuant to share purchase agreement during January 2007.

A CFL release here today said the total consideration for the transation was Rs 120 crore.

The CFL had also made the statutory open offer to the shareholders of Godavari Fertilizers Chemicals Limited (GFCL) at the same price and acquired additional 4.85 per cent stake, taking their total shareholding in GFCL to 74.92 per cent.

GFCL was formed as a joint venture company between government of Andhra Pradesh (GoAP) and IFFCO in December 1981.

GoAP had subsequently divested its stake in the company to CFL through a divestment process in July 2003, the release said adding the company, which was a successful joint venture between IFFCO and CFL, now transitioned completely into the folds of the CFL, the release added.

UNI