Coromandel International Limited, a leading player in the Indian fertilizer industry, has announced several significant developments that could potentially impact its operations, management structure, and shareholding pattern.

New TMAP Plant Approved

The Board of Directors of Coromandel International Limited, in a meeting held on September 22, approved the establishment of a Technical Mono Ammonium Phosphate (TMAP) plant in Visakhapatnam. This strategic move is expected to enhance the company's production capabilities in the fertilizer segment.

Senior Management Appointment

In the same meeting, the Board designated Mr. Anirban Deb Ray as Senior Management Personnel, appointing him to the role of General Counsel. This appointment comes as part of organizational changes within the company.

About Mr. Anirban Deb Ray

Mr. Ray brings a wealth of experience and education to his new role:

• Educational Background:

  • Post Graduate Diploma in Competition Law from the University of London
  • LLB and B.Com (Hons) from the University of Calcutta
  • Member of the Institute of Company Secretaries of India (ICSI)

• Professional Experience:

  • Over 24 years of experience in Company Secretarial (CS) and Legal fields
  • Previously worked with notable companies including:
    • Tata Communications Limited
    • Birlasoft Limited
    • Vodafone Idea Limited
    • Gabriel India Limited
    • Nicco Parks & Resorts Limited
    • Guiness Securities Limited

Reclassification of Promoter Group Companies

The Board of Directors also approved the application for reclassification of Coromandel Engineering Company Limited (CECL) and Yanmar Coromandel Agrisolutions Private Limited (YCAS) from 'promoter and promoter group' category to 'public' category shareholders. The board approved submitting applications to NSE and BSE for obtaining No Objection Certificates for the reclassification. Both CECL and YCAS have committed to comply with requirements specified in Regulation 31A(4) of the Listing Regulations. The reclassification remains subject to receiving no objection from the stock exchanges under Regulation 31A of Listing Regulations.

Board Meeting Details

The Board meeting where these decisions were made commenced at 10:25 a.m. and concluded at 12:00 noon on September 22. The company has duly informed the National Stock Exchange of India Limited and BSE Limited about these developments, in compliance with SEBI regulations.

These strategic moves by Coromandel International Limited, including the expansion of production capabilities, strengthening of the management team, and potential changes in shareholding structure, may be seen as steps towards enhancing the company's market position and corporate governance in the fertilizer industry.

Coromandel International , a prominent player in the Indian agricultural sector, has received a significant request that could alter its corporate structure. Yanmar Coromandel Agrisolutions Private Limited (YCAS) has formally asked to be reclassified from the 'promoter and promoter group' category of Coromandel International.

Background of the Request

The reclassification request comes in the wake of a substantial change in Coromandel's shareholding in YCAS. The company's stake in YCAS has been reduced from 40% to 10.60%, following a significant capital infusion by Yanmar Asia (Singapore) Corporation Pte Ltd (Yanmar Singapore).

Details of the Transaction

• Yanmar Singapore injected Rs. 149.72 crores into YCAS.
• This fund infusion resulted in the allotment of 11,09,00,741 equity shares to Yanmar Singapore.

Implications of the Shareholding Change

As a result of this share dilution, YCAS no longer qualifies as a promoter group entity for Coromandel International. According to the Securities and Exchange Board of India (SEBI) regulations, a company must hold at least 20% of another entity's equity share capital to be classified in the promoter group. With Coromandel's stake now at 10.60%, YCAS falls below this threshold.

Current Status and Next Steps

1. YCAS currently holds no shares in Coromandel International Limited.
2. The reclassification request will be presented to Coromandel's Board of Directors for approval.
3. Upon receiving board approval, Coromandel will seek no-objection from the National Stock Exchange of India Limited and BSE Limited.

Regulatory Compliance

The company has made this disclosure in compliance with Regulation 30 read with Regulation 31(A)(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

This development marks a significant change in the relationship between Coromandel International and YCAS, potentially impacting the company's shareholding structure and corporate governance landscape. Stakeholders and investors will be keenly watching the outcome of this reclassification request and its implications for Coromandel International's future strategic directions.