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EID Parry approves declassification of two promoters into ‘public’ shareholders

AnyFans 2025-09-29

By Bl Chennai Bureau

Two companies part of promoter / promoter group of EID Parry are set to be declassified as public shareholders.

The Board of EID Parry on Friday approved the approved the requests received from Coromandel Engineering Company Limited (CECL) and Yanmar Coromandel Agrisolutions Private Limited (YCAS), for declassifying them from the ‘Promoter and Promoter Group’ category. This is further to the two companies’ requests dated August 29 and September 17, respectively.

“The Board of Directors have approved the submission of the application to the stock exchanges where the company’s shares are listed, viz., BSE Limited and National Stock Exchange of India Limited for obtaining the No Objection Certificate for the said de-classification,” the Murugappa Group-owned EID Parry said in a stock exchange filing.

The declassification of CECL to public shareholder stems from the Share Purchase Agreement executed by Murugappa Group in 2023 by way of which the group sold the entire shareholding in CECL and divested full control with effect from December 2023.

In case of YCAS, the request arises out of a change in the shareholding of Coromandel International Limited (a subsidiary of EID Parry) from 40 per cent to 10.6 per cent in YCAS in September 2024. “Following which, YCAS ceased to fall under the definition of the Promoter and Promoter Group…,” YCAS said in its request to be declassified as Promoter of EID Parry.

Separately, EID Parry’s board also approved the sale of its entire 50 per cent stake in the Joint Venture company M/s. Algavista Greentech Private Limited. The consideration received is disclosed to be ₹8 crore.

EID Parry and Synthite Industries held 50 per cent each of the shares of Algavista Greentech Private Limited, and EID is now selling its entire share to the other JV partner, Synthite. Algavista’s revenue in FY25 was ₹1.46 crores, contributing just about 0.05 per cent to EID Parry’s revenue.

The shares of EID Parry were trading at ₹1,082, down by around 1 per cent on the BSE at the time of writing.

Published on September 19, 2025