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Home / India News / 2007 / January / January 4, 2007
News about Madras Fertilizers Limited - National Stock Exchange of India Limited

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News about Madras Fertilizers Limited - National Stock Exchange of India Limited

January 4, 2007

The media had reports that Madras Fertilizers Ltd may be compensated under group average retention pricing scheme for urea to the tune of Rs. 160 crores and it may enter into a one-time settlement agreement with ICICI Bank. Further, Naftiran Intertrade Company Ltd may sell its 25.77% stake in the company and has plans to develop its 300 acres of freehold land at Manali, Chennai.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Madras Fertilizers Ltd has vide its letter inter-alia stated, "We wish to state that the information is reported without any basis. The Company does not have any dues to ICICI Bank and hence, the question of one time settlement does not arise. Further, to our knowledge Naftiran Intertrade Company Ltd (co-promoter) has not expressed any intention to divest its shareholding in Madras Fertilizers Limited."

Source: National Stock Exchange of India Limited

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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