Sumitomo to buy about 75% stake in Excel Crop
Mumbai-based Excel Crop Care in a filing to the BSE said that its board in a meeting on Sunday approved a share purchase agreement between the company, its promoter group entities and certain public shareholders, and Sumitomo group.
Under the agreement, Sumitomo group is acquiring over 49.5 lakh equity shares of the company at a price of Rs 1,259.36 apiece, from the company, promoter group entities and certain public shareholders, comprising members of Ratnabali group, the filing said.
The company and promoter group entities are selling 27,20,501 shares, aggregating to 24.72 per cent stake of total paid up equity share capital to Sumitomo Chemical Company and its nominees.
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