Zuari Agro Chemicals jumps 3% on acquiring NFCL shares

NEW DELHI: Shares of Zuari Agro Chemicals advanced 3 per cent in Friday’s trade after the company informed stock exchanges that it has acquired 3.22 crore shares of Nagarjuna Fertilizers and Chemicals (NFCL) from Zuari Global.

In a filing to BSE, the company called it a strategic investment and said the all-cash deal was struck at Rs 16.10 per share, aggregating to Rs 51.95 crore. NFCL is into nutrition solutions, macro & micro fertilisers and farm management and micro irrigation solutions.

The stock rose 2.97 per cent to hit a high of Rs 338.80 on BSE.

“The company has acquired 3,22,67,741 shares of Nagarjuna Fertilizers and Chemicals Limited (NFCL) from Zuari Global Limited (ZGL),” the company told exchanges.

The company had last week told exchanges that it shut down its urea/ammonia plants for annual maintenance from starting March 19.

The company said it will soon inform the exchanges about the resumption of the plant operations.

The company had reported a sharp jump in net profit to Rs 22.40 crore in the December quarter on 14.86 per cent YoY decline in net sales to Rs 945.74 crore during the same period.