Coromandel International Converts ₹108 Cr Loan to Equity in Subsidiary

Coromandel International Limited has executed an agreement to convert a loan, including accrued interest, amounting to ₹108.07 Crores into equity shares of its wholly-owned subsidiary, Coromandel Chemicals Limited. The conversion is at an issue price of ₹39.95 per equity share. This transaction, approved by the Audit Committee and Board, is considered a related party transaction undertaken on an arm's length basis. The company holds a 100% stake in Coromandel Chemicals Limited.