EID Parry sells stake in Coromandel to bring down debt

The proceeds of the sale will be used to bring down the debt of the company including its wholly-owned subsidiary, Parry Sugars Refinery India and for general corporate purposes, it added.

Mumbai: Chennai-based sugar and nutraceuticals company East India Distilleries Parry (EID Parry India) on Wednesday said it has further trimmed its stake in Coromandel International (Coromandel) by selling 58.50 lakh equity shares in the open market.

The sugar and nutraceuticals company informed the exchanges that it has sold 58.50 lakh equity shares held in Coromandel in the open market at an average price of Rs 803.18 per share. Post the sale, the EID Parry (India) holds 1,654 lakh shares of Re 1 each representing 56.42 per cent of the paid-up capital of Coromandel, which is in the fertilisers, pesticides and specialty nutrients business.

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The proceeds of the sale will be used to bring down the debt of the company including its wholly-owned subsidiary, Parry Sugars Refinery India and for general corporate purposes, it added. Shares of EID Parry India closed at Rs 351.90, up 5.47 per cent, on BSE while shares of Coromandel ended at Rs 802.70, down 5.74 per cent.