Description
Coromandel International Limited makes an open offer to acquire up to 26% stake in NACL Industries Limited at INR 76.70 per share.
Summary
Coromandel International Limited has launched 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. The offer is made in compliance with SEBI (SAST) Regulations following an underlying transaction and has received CCI approval.
Key Points
- Offer price: INR 76.70 per equity share of face value INR 1 each
- Maximum shares to be acquired: 5,24,62,320 shares (26% of voting capital)
- Non-conditional offer under SEBI (SAST) Regulations
- CCI approval received on July 1, 2025
- Proportionate acceptance if oversubscribed
- Not a competing offer
Regulatory Changes
Offer made pursuant to Regulation 3(1) and Regulation 4 of SEBI (SAST) Regulations. The transaction required and obtained Competition Commission of India approval for consummation.
Compliance Requirements
- Public shareholders to receive Letter of Offer and Form of Acceptance-cum-Acknowledgement
- Shareholders who recently sold shares must hand over documents to stock exchange members
- Additional statutory approvals may be required before tendering period closure
- Proportionate acceptance mechanism in case of oversubscription
Important Dates
- CCI approval date: July 1, 2025
- Tendering period details to be specified in full offer document
Impact Assessment
Significant corporate action that could result in change of control or substantial shareholding in NACL Industries. Shareholders have opportunity to exit at predetermined price. Market impact depends on current trading price relative to offer price of INR 76.70.
Impact Justification
Major corporate action involving takeover offer affecting shareholders of listed company