Nagarjuna Fertilizers & Chemicals Ltd (NFCL) has decided to acquire 50,000 equity shares of Rs 10 each amounting to Rs 5 crore in the equity share capital of Kakinada Fertilizers Ltd (KFL), a company involved in micro-irrigation, fertilizers and other agri-inputs. The Hyderabad-based, NFCL informed BSE that the board of directors of the company, which met today, okayed the proposal subject to approval by the members at the 33rd annual general meeting scheduled to be he ld on September 17. The board approved forfeiture of 3,75,151 equity shares of the face value of Rs 10 each. It also okayed the re-issue of the same on preferential basis to one of the core promoters of the company, Nagarjuna Holdings Pvt Ltd at an issue price to be determined in accordance with the relevant SEBI (Disclosure and Investor Protection) Guidelines.
Source: The Hindu BusinesslineNFCL picks equity in Kakinada Fert
Industry: Chemical and Fertiliser 2016-04-03
