Open offer begins for Excel Crop Care

The open offer from Sumitomo Chemicals India Pvt Ltd along with Sumitomo Chemical Company for the shareholders of Excel Crop Care opens on Friday and ends on September 9. It plans to acquire 33.016 lakh shares, representing 30 per cent of the voting share capital of Excel, at ₹1,259.36 a share. The offer follows promoter Shroff family entering into an agreement with the Japanese major to offload its entire 24.72 per cent stake in Excel.