Promoter group’s shareholding in Best Agrolife increases to 48.19% | The Financial Express

Promoter group’s shareholding in Best Agrolife increases to 48.19%

Promoter Vimal Kumar buys 212481 shares through open market acquisition during the month of November

Promoter group’s shareholding in Best Agrolife increases to 48.19%
The company has a presence across insecticides, fungicides, herbicides, and plant growth regulators.

The total stake of the promoter and promoter group of the fastest-growing agrochemical company, Best Agrolife Limited (BAL) increased from 47.30% to 48.19% on Monday.

The development took place after Mr Vimal Kumar, the founder of BAL, made a whopping purchase of a total of 65000 equity shares on 28 November 2022. In fact, the recent acquisition by the founder was not their only acquisition of BAL shares this month. Vimal Kumar bought 1,47,481 equity shares in the company on 15 November 2022 as well making it a purchase of a total of 212481 equity shares during the month of November itself. It is relevant to note that BAL reported the highest-ever quarterly revenue this year as its quarterly consolidated revenue jumped 115.9% YoY at Rs 700.3 Crores for Q2FY23. On the other hand, one of its subsidiary companies, Best Crop Science, received an A- long-term rating from India’s top credit rating agency CARE Ratings earlier this year.

Off late, the company has been moving ahead aggressively as far as crucial registrations and patents are concerned. Seedlings India Ltd, a wholly-owned subsidiary company of BAL, has recently received a patent valid for 20 years for the first-of-its-kind fungicidal composition of Cyazofamid, Dimethomorph, and Difenoconazole which is going to emerge as a highly effective crop solution against Late Blight and Downy Mildew in tomato and grapes crops respectively.

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First published on: 29-11-2022 at 23:15 IST