Coromandel International provides an update on its acquisition of Stuccoedge India Private Limited (SIPL) through its Wholly Owned Subsidiary (WOS), Coromandel Chemicals Limited (CCL), in partnership with Sakarni Plaster (India) Private Limited. Both joint venture partners in SIPL have been issued shares: 6,00,000 shares (60% shareholding) for CCL and 4,00,000 shares (40% shareholding) for Sakarni.
Joint Venture Update
Coromandel International, through its Wholly Owned Subsidiary (WOS) Coromandel Chemicals Limited (CCL), has been proceeding with a joint venture with Sakarni Plaster (India) Private Limited for the manufacture and sale of Phospho-Gypsum based Products.
Share Issuance Details
As part of the venture, Stuccoedge India Private Limited (SIPL) has issued shares to both partners. CCL now holds 6,00,000 shares, representing 60% of the shareholding. Sakarni Chemical India Private Limited (SPV of Sakarni) holds 4,00,000 shares, accounting for the remaining 40%.
Stuccoedge India Business Focus
SIPL will be focused on manufacturing, processing, formulating, designing, developing, assembling, packaging, trading, marketing, distributing, importing, exporting, and dealing in all kinds of gypsum-based building materials and products. This includes gypsum plaster, ready-mix plaster, wall putty, gypsum boards, and ceiling systems.
Financial Details of Acquisition
The capital contribution by CCL is Rs. 6,00,000 at Rs. 10 per share. Sakarni Chemical India Private Limited has contributed Rs. 4,00,000 at Rs. 10 per share. The number of equity shares issued are 60,000 equity shares aggregating to Rs. 6 Lakhs.
Source: BSE
