Zuari Agro Chemicals Limited has informed the Exchange regarding allotment of 6,54,33,846 equity shares of Rs. 10/- each of Paradeep Phosphates Limited to the Company'.
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Zuari Agro Chemicals has received 6,54,33,846 equity shares (approximately 6.54 crore) of Rs. 10 each from Paradeep Phosphates Limited (PPL), a listed company. The allotment is part of the composite scheme of arrangement involving Zuari Agro, Paradeep Phosphates, and Zuari Maroc Phosphates. Under this scheme, Zuari Agro's fertilizer undertaking has been transferred to PPL, with PPL issuing shares to Zuari Agro as consideration for the demerged business. This significantly increases Zuari Agro's holding in the listed entity PPL. The transaction is a major step in consolidating the group's fertilizer operations under Paradeep Phosphates.
Shareholders should monitor for any subsequent distribution of these PPL shares and the impact on consolidated financials. The restructuring simplifies the group structure by consolidating the fertilizer business under PPL, which could affect the valuation and earnings profile of both companies going forward.