Coromandel International Clarifies MoU with Samunnati is Not Material to Operations
Coromandel International (NSE:COROMANDEL, BOM:506395) said its memorandum of understanding with Samunnati Agri Value Chain Solutions is not a material event under SEBI disclosure norms and does not require regulatory disclosure, according to a Tuesday filing on Indian bourses.Shares of the company were up around 3% in recent trade.The clarification follows a media report by The Hindu that said Coromandel and Samunnati would work together to support Farmer Producer Organisations (FPOs) by expanding access to agri-inputs and leveraging Samunnati's FPO network for distribution and advisory services.Coromandel said the MoU was entered into in the ordinary course of business and does not have any immediate material impact on its operations, financial position or performance.The company also said that recent price movements appear to be driven by broader market conditions rather than the reported MoU.