Sumitomo Chemical India Private Limited agreed to acquire remaining 80.02% stake in Excel Crop Care Limited (BSE:532511) from Sumitomo Chemical Company, Limited (TSE:4005) and other shareholders on August 1, 2018. Shareholders of Excel Crop Care other than Sumitomo Chemical India, shall receive 51 shares of Sumitomo Chemical India for every two shares of Excel Crop. Sumitomo Chemical India shall acquire 35.03% stake in Excel Crop Care from other shareholders and 44.98% stake from Sumitomo Chemical Company. Presently, Sumitomo Chemical India holds 19.98% stake in Excel Crop. Post completion of the merger, Excel Crop shall dissolve without being wound up and the shares of Sumitomo Chemical India shall get listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited. Sumitomo Chemical India's shareholding in Excel Crop shall be cancelled and other shareholders of Excel Crop shall hold 19.7% stake in Sumitomo Chemical India. Post-completion, the businesses and operations of Sumitomo Chemical India and Excel Crop shall be consolidated.

The transaction is subject to approval by the National Company Law Tribunal, stock exchanges, Securities and Exchange Board of India, respective shareholders of both parties and other regulatory authority as may be necessary. The board of directors of Excel Crop and Sumitomo Chemical India approved the transaction at their meeting held on August 1, 2018. As on February 20, 2019, shareholders meeting is scheduled on March 30, 2019. The merger and listing of the equity shares of Sumitomo Chemical India shall be completed in the next 8 to 14 months. On April 30, 2019, Prashant Diwan was appointed by the Hon'ble National Company Law Tribunal acted as scrutinizer for the meeting of the equity shareholders of Excel Crop Care for approving the transaction. Scheme was sanctioned by NCLT orally on June 27, 2019. As of August 22, 2019, the transaction is expected to complete on August 31, 2019. DSK Legal acted as legal advisor to Sumitomo Chemical India. KPMG India Private Limited acted as tax and regulatory advisor to Sumitomo Chemical India and Excel Crop. Kotak Investment Banking acted as financial advisor and Kanga & Co. acted as legal advisor to Excel Crop. Kotak Investment Banking acted as fairness opinion provider to the board of directors of Excel Crop. Deloitte Haskins & Sells and Desai Haribhakti & Co. acted as the joint valuation advisors for both Excel Crop and Sumitomo Chemical India. Link Intime India Pvt. Ltd. acted as registrar and transfer agent for Excel Crop Care. Satish Kishanchandani and Shoubhik Dasgupta of Pioneer Legal acted as legal advisor for Sumitomo Chemical India Private Limited.

Sumitomo Chemical India Private Limited completed the acquisition of remaining 80.02% stake in Excel Crop Care Limited (BSE:532511) from Sumitomo Chemical Company, Limited (TSE:4005) and other shareholders on August 31, 2019.