Zuari Agro Chemicals to sell Goa unit to Paradeep Phosphates For $280 Million

Zuari Agro Chemicals to sell Goa unit to Paradeep Phosphates For $280 Million

Zuari Agro Chemicals share price jumped over 15 percent intraday on February 23 after the company decided to sell its fertiliser plant in Goa.

Zuari Agro Chemicals share price jumped over 15 percent intraday on February 23 after the company decided to sell its fertiliser plant in Goa to Paradeep Phosphates. The business transfer agreement is expected to executed in February 2021. The stock was trading at Rs 105.35, up Rs 13.95, or 15.26 percent. It has touched an intraday high of Rs 108.00 and an intraday low of Rs 95.30.

The Board of Directors of the company at its meeting held on February 22, 2021, approved the sale of the company’s fertilizer plant in Goa and associated businesses of the company to Paradeep Phosphates Limited as a going concern, on a slump sale basis for an agreed enterprise value of USD 280 million as defined in the Business Transfer Agreement and for entering into necessary Business Transfer Agreement with PPL, the company said in an exchange filing.

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The scrip also witnessed a spurt in volume by more than 12.05 times and was trading with volumes of 103,220 shares, compared to its five day average of 7,650 shares, an increase of 1,249.25 percent.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has decreasing promoter pledge with rising net cash flow and cash from operating activity.

However, Zuari Agro Chemicals technical rating is neutral with moving averages being bullish and technical indicators being neutral.

Today it is the flagship company of Adventz Group and leading the agriculture vertical of the Group, under the leadership of Mr. Saroj Kumar Poddar. Zuari is a single-window agricultural solution provider, and partners with Indian farmers for progress and prosperity. It enables agricultural selfsufficiency and economic independence by providing fertilisers that are both affordable and effective.

The success of Zuari is credited to the dynamic team that helms the company. The eminent board of directors supported by a team of executives and staff ensure that the Zuari family constantly grows towards the vision of prosperity for the Indian farmer.

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