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Zuari further raises stake in Nagarjuna, Texmaco

Fertiliser manufacturer Zuari Industries (ZIL) today said that it has further increased its stake in Nagarjuna Fertilisers and Chemicals (NFCL) and Texmaco through open market transactions.

While ZIL increased its share in NFCL to 6.79%, the company’s stake in Texmaco rose to 5.01%.

ZIL till June 20, held 2,85,25,314 shares or 6.66% in NFCL, while its stake in Texmaco in the same period stood at 4.95% or 63,04,401 shares.

The company in a filing to the Bombay Stock Exchange (BSE) said that it has acquired 4,75,716 shares or 0.11% stake and 1,00,000 shares or 0.02% stake in NFCL on June 21 and June 22 respectively, through the open market.

After the acquisition, the total shares of NFCL with ZIL stands at 2,91,01,030, the filing added.

In a separate filing to BSE, ZIL said that it has further increased its stake in Texmaco to 5.01% after it acquired 62,662 shares or 0.05% stake and 13,889 shares or 0.01% stake through the open market on June 21 and June 22, respectively.

The total shares of Texmaco with ZIL, after the acquisition stand at 63,80,952, it added.

Earlier, ZIL had on June 17 and June 20 had bought 0.09% and 0.23% stake, respectively, in the Andhra Pradesh based company, NFCL.

Likewise, on June 20, it had bought 0.22% stake in Texmaco. Both the company’s are part of the newly launched Adventz group that is led by Saroj Poddar.

In March this year, ZIL’s Managing Director Suresh Krishnan had said that the Adventz group has planned a total capital outlay of $2 billion (around Rs 10,000 crore) in the next four years for business expansion.

Of the total investment planned, a majority of funds will be utilised for setting up a new fertiliser plant in Karnataka and for acquiring assets in the fertiliser business, he had said.

ZIL manufactures urea and complex fertilisers and has forayed into cement, hybrid seeds, engineering consultancy, financial services and oil tanking through subsidiaries and joint ventures.

Shares of the company today closed at Rs 634.25 apiece, down 0.38% from its previous close on the BSE.