Description

Coromandel International Limited makes cash offer at INR 76.70 per share to acquire up to 26% voting share capital of NACL Industries Limited.

Summary

Coromandel International Limited has announced an open offer to acquire up to 5,24,62,320 equity shares (26% of voting share capital) of NACL Industries Limited at INR 76.70 per share. This mandatory offer is being made under SEBI (SAST) Regulations following an underlying transaction that triggered takeover obligations.

Key Points

  • Acquirer: Coromandel International Limited (CIN: L24120TG1961PLC000892)
  • Target Company: NACL Industries Limited (CIN: L24219TG1986PLC016607)
  • Offer Price: INR 76.70 per equity share
  • Offer Size: Up to 5,24,62,320 equity shares representing 26% of voting share capital
  • Face Value: INR 1 per share
  • Non-conditional offer under SEBI (SAST) Regulations
  • No minimum acceptance level required
  • CCI approval received on July 1, 2025

Regulatory Changes

This offer is made pursuant to Regulation 3(1) and Regulation 4 of SEBI (SAST) Regulations. The transaction has received Competition Commission of India approval, with no other statutory approvals currently required.

Compliance Requirements

  • Public shareholders will receive Letter of Offer with Form of Acceptance-cum-Acknowledgement
  • If oversubscribed, acceptance will be on proportionate basis
  • Shareholders who recently sold shares should hand over documents to stock exchange members
  • Acquirer may seek additional statutory approvals if required before tendering period closure

Important Dates

  • CCI Approval Date: July 1, 2025
  • Tendering period and other key dates to be specified in detailed Letter of Offer

Impact Assessment

This is a significant corporate action that will result in change of control at NACL Industries Limited. The open offer provides exit opportunity to minority shareholders at premium pricing. The transaction consolidates Coromandel International’s position in the target company and may lead to delisting considerations depending on final shareholding pattern.

Impact Justification

Major takeover announcement affecting public shareholders with significant financial implications