Coromandel International's Subsidiary, Dare Ventures Acquires Equity Shares In Flic Farm

Coromandel International Limited on Sunday announced that Dare Ventures Limited, a subsidiary of the Company entered into definitive agreements for subscription of 10 Equity Shares of Rs 10 each, and 2,193 Seed Series Compulsorily Convertible Preference Shares of Rs 10 each of Flic Farm Private Limited constituting 16.53 percent of the post issue paid up share capital of Flic Farm Private Limited, the company announced through an exchange filing.

Flic Farm Private Limited (Flic Farm), incorporated in 2017 having Registered Office in Hyderabad, engaged in the business of design and production of compact autonomous robots, equipped with intelligent attachments, to perform a diverse range of agricultural tasks such as seeding, weeding, spraying & planting with precision resulting in higher efficiency & lower chemical usage.

The authorised Share Capital of Flic Farm is Rs 12,00,000 comprising of 1,10,000 Equity Shares and 10,000 preference shares, and the paid-up Share Capital of the Company is Rs 1,11,270 comprising of 11,127 Equity Shares. The turnover of Flic Farm for FY 2022-23 (provisional) was Rs 13,29,091.

The acquisition is likely to be completed during FY 2023-24.

The total cost of acquisition will be approximately Rs 3.00 Crores.

Dare Ventures Limited will subscribe 10 Equity Shares of Rs.10 each, and 2,193 Seed Series Compulsorily Convertible Preference Shares of Rs.10 each of Flic Farm Private Limited constituting 16.53 percent of the post issue paid up share capital of Flic Farm Private Limited.