EID Parry Headquarters

EID Parry, sugar producer made an open agreement to get 20% stake in GMR Industries at Rs. 110.69 in per share. As per the statement of GMR Industries registering to Bombay Stock Exchange, Parry had accepted to receive 39.92 lakh shares, aggregating at Rs. 441.19 crore which consists per share of Rs. 110.69.

EID Parry had made an entrance into an exact deal with GMR Holdings Pvt. Ltd. yesterday to get at least 65% equity in GMR Industries. As per the shareholders of December quarter pattern which can be accessible on the BSE, GMR Holdings Pvt. Ltd secured 1.49 crore shares or 74.84% shareholding in GMR Industries.

After placing the open proposal, GMR Group would become a marginal shareholder in the company. EID Parry, which is portion of Chennai-based Murugappa Group, is a central mastermind in the sugar industry and has too attention in bio-pesticides & nutraceuticals.
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GMR Industries have and deals in 3 fully integrated sugar complexes in Andhra Pradesh & Karnataka. The agreement would signify EID Parry’s entrance into Andhra Pradesh and also merge its place as a foremost sugar producer in cane rich regions of north Karnataka.

A Vellayan, EID Parry Chairman told the acquisition would enhance its place as one of the foremost sugar companies in India and boosts the total integrated complexes.