Liberty Phosphate up 5% after Coromandel buys stake in co

Liberty Phosphate rallied as much as 5 percent in early trade on Friday after Coromandel International bought 56.28 stake (81.3 lakh shares) in the company at Rs 241/share, a premium of 13 percent over previous day's closing value.

Coromandel has made an open offer for further 26 percent stake in Liberty Phosphate at Rs 241 a share. Deal will be funded from internal accruals, Coromandel said.

Coromandel also acquired 100 percent stake in Liberty Urvarak and Tungabhadra Fertilisers (unlisted company) on slump sale basis.
 
At 10:05 hours IST, shares advanced 3.52 percent to Rs 220.50 amid high volumes on Bombay Stock Exchange.

Trading volumes increased 183 percent to 8,21,814 equity shares as compared to its five day average of 2,90,295 shares.

Coromandel International fell nearly 7 percent to Rs 216 after hitting new 52-week low of Rs 210.05 in early trade due to weak results

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