CHENNAI: Coromandel Engineering Company Ltd, a Murugappa Group company, has been acquired by the city-based Accord Group.
The promoters have sold their entire 73.28 per cent holdings in Coromandel Engineering to Accord Distillers & Brewers Private Ltd Teyro Labs Private Ltd Jam Hotels and Resorts Private Ltd and Sundeep Anand Jegath Rakshagan.
They held 2,43,53,733 equity shares in the company, as per an advertisement issued in this regard. The Murugappa Group promoters have got out of Coromandel Engineering for a total consideration of Rs 32,87,75,395.50 at a price of Rs 13.50 per equity share. The shares have been acquired from 51 individuals and entities belonging to the Murugappa family.
However, the share purchase deal with the members and entities of the Murugappa group does not include the holding of the late MV Murugappan family, which is under 3 per cent in Coromandel Engineering.
As mandated by the listing regulations of the market regulator Securities and Exchange Board of India (SEBI), the new owners have now come out with an open offer in view of the latest development.