Coromandel International, a manufacturer of fertilisers and pesticides, announced that the stakeholders relationship committee of directors has approved allotment of 2.57 million shares of Rs 1 each to the public shareholders of Liberty Phosphate.

The share allotment is in the ratio of 7 equity shares of Rs 1 each of the company for every 8 equity shares of Rs 10 each held in Liberty Phosphate pursuant to the Scheme of Amalgamation (Scheme) approved by the Hon'ble High Court of Andhra Pradesh and Hon'ble High Court of Gujarat.

Shares of the company gained Rs 7.5, or 2.95%, to trade at Rs 261.55. The total volume of shares traded was 1,996 at the BSE (11.07 a.m., Wednesday).