Coromandel International , a leading agri-solutions provider, has taken steps to reclassify two entities from its 'Promoter group' category to non-promoter status. The company has applied to both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) for their no-objection to this reclassification.

Entities Involved

The two entities in question are:

1. Coromandel Engineering Company Limited (CECL)
2. Yanmar Coromandel Agrisolutions Private Limited (YCAS)

Current Shareholding

According to the application submitted by Coromandel International, both CECL and YCAS currently hold zero equity shares in the company. This lack of shareholding appears to be a key factor in the company's decision to seek reclassification.

Application Timeline

The company has been in communication with the stock exchanges regarding this matter. The timeline of events is as follows:

• August 30: Initial communication
• September 17: Follow-up communication
• September 22: Additional communication
• September 26: Formal application submitted

Regulatory Context

Coromandel International is seeking this reclassification under Regulation 31A of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations. This regulation provides guidelines for the reclassification of promoter/promoter group entities.

Company's Statement

In its application to the stock exchanges, Coromandel International stated, "We wish to inform you that the Company has today, September 26, made an application seeking a 'no-objection' from the Stock Exchanges (National Stock Exchange of India Limited and BSE Limited) for re-classification of the below named Outgoing Persons from 'Promoter group' category, in accordance with Regulation 31A of the Listing Regulations."

Next Steps

The reclassification process will now depend on the response from NSE and BSE. If approved, CECL and YCAS will no longer be considered part of Coromandel International's promoter group, potentially simplifying the company's shareholding structure.

Investors and market watchers will be keen to see how this reclassification, if approved, might impact Coromandel International's corporate governance and ownership structure going forward.

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.