A news report by Equity Bulls that co-op giant IFFCO is going to invest Rs. 262.15 crore in Triumph Offshore Pvt Ltd, has been confirmed by IFFCO sources.
IFFCO Media head Harshendra Vardhan Singh consulted IFFCO’s Senior Director R P Singh and came back to inform us, “Yes the news is correct”, he said to this correspondent.
Earlier, Equity Bulls reported that “the Board of M/s Indian Farmers fertilizer Cooperative Limited (IFFCO) has approved the proposal for making investment of Rs. 262.15 Crore by subscribing 26.215 Crore equity shares of Rs. 10/- each at par in Triumph Offshore Pvt. Ltd. (TOPL), 100% subsidiary of the Company.”
“In this regard, a ‘Share Subscription and Shareholders Agreement’ (SHA) has been executed between TOPL, IFFCO and the Company”, it read.