Paradeep Phosphates Limited (NSEI:PARADEEP) agreed to acquire Mangalore Chemicals & Fertilizers Limited (BSE:530011) for INR16.4 billion on February 7, 2024. Subject to receipt of necessary statutory and regulatory approvals of the shareholders/ the creditors of the Company and the Transferee Company, the BSE Limited and the National Stock Exchange of India Limited, Competition Commission of India, the relevant jurisdictional National Company Law Tribunals, and any other regulatory approval, permission, consent, sanction, exemption, as may be required under applicable laws. The board of directors of Mangalore Chemicals and Fertilizers Limited and Paradeep Phosphates Limited, at their board meetings held today, approved a composite scheme of arrangement for the merger.

Shardul Amarchand Mangaldas & Co. acted as the legal advisors and PricewaterhouseCoopers acted as the financial advisors and accountant for the merger transaction. The swap ratio for the merger was jointly proposed by SSPA & Co.

and Pawan Shivkumar Poddar. Fedex Securities Private Limited provided its opinion on the fairness of the share exchange ratio proposed in the aforesaid valuation reports.