EID Parry makes open offer for 20% in GMR Ind at Rs 110.69/share

MUMBAI: Sugar manufacturer EID Parry on Monday made an open offer to acquire 20% stake in GMR Industries at Rs 110.69 per share.

Sugar major EID Parry has agreed to acquire 39.92 lakh shares, representing 20% holding in the company, at Rs 110.69 per share, aggregating to Rs 44.19 crore, GMR Industries said in a filing to the BSE.

On Sunday, EID Parry had entered into a definite agreement with GMR Holdings to acquire a minimum 65% equity in GMR Industries. As per the December quarter shareholding pattern available on the BSE, GMR Holdings held 1.49 crore shares or 74.84% shareholding in GMR Industries. Post the open offer, GMR Group would become a minority shareholder in the company.

EID Parry, which is part of Chennai-based Murugappa Group, is a dominant player in the sugar industry and also has interests in bio-pesticides and nutraceuticals. GMR Industries owns and operates three fully-integrated sugar complexes in Andhra Pradesh and Karnataka. The deal would mark EID Parry’s entry into Andhra Pradesh.