Two companies associated with the promoter group of EID Parry are set to be reclassified as public shareholders. On Friday, EID Parry’s Board of Directors approved requests from Coromandel Engineering Company Limited (CECL) and Yanmar Coromandel Agrisolutions Private Limited (YCAS) to change their status from the ‘Promoter and Promoter Group’ category. These requests were submitted on August 29 and September 17, respectively.
“The Board of Directors has approved the submission of an application to the stock exchanges where the company’s shares are listed, namely BSE Limited and the National Stock Exchange of India Limited, to obtain the No Objection Certificate for the said declassification,” EID Parry, part of the Murugappa Group, stated in a stock exchange filing.
The decision to declassify CECL is linked to a Share Purchase Agreement completed by the Murugappa Group in 2023, which involved the complete divestiture of its shareholding in CECL and relinquishing control effective December 2023.
The declassification request from YCAS is prompted by a significant change in the shareholding of Coromandel International Limited, a subsidiary of EID Parry. It reduced its stake in YCAS from 40% to 10.6% in September 2024. “Following this change, YCAS no longer meets the criteria to be classified within the Promoter and Promoter Group,” YCAS noted in its request for declassification.
Additionally, the board of EID Parry has approved the sale of its entire 50% stake in the joint venture company Algavista Greentech Private Limited for a consideration of ₹8 crore. EID Parry and Synthite Industries each owned 50% of Algavista’s shares, and EID is selling its entire stake to Synthite. In fiscal year 2025, Algavista reported revenue of ₹1.46 crore, which accounted for approximately 0.05% of EID Parry’s total revenue.
As of the time of writing, EID Parry’s shares were trading at ₹1,082, showing a decline of around 1% on the BSE.
Published on September 19, 2025.
