Nagarjuna Fertilizers asset sale clarification was issued by Nagarjuna Fertilizers and Chemicals Limited to both BSE and NSE following news reports related to trading activity. In the Nagarjuna Fertilizers asset sale clarification, the company stated that after the sale of its assets, its financials are no longer treated as a going concern and it is not aware of any plans or activities of the current asset owners.
The company referred to its earlier disclosure dated July 12, 2024, related to the sale of core and non-core assets. Nagarjuna Fertilizers confirmed that no negotiations are currently taking place, and there is no undisclosed information that could explain recent movements in its share price. It also clarified that there are no ongoing regulatory or legal proceedings related to the matter.
As per the earlier disclosure, Assets Care and Reconstruction Enterprise Limited (ACRE), the secured creditor, recovered approximately ₹1,885 crore from the sale of urea, MI, and other non-core assets. Following this, ACRE issued a No Due Certificate confirming full and final settlement of outstanding debt and release of all securities, guarantees, and pledged shares.
Post the asset sale, most of the company’s staff have moved on for better prospects. However, receivables and claims remain with the company. Nagarjuna Fertilizers is currently working with the government to settle pending subsidy and energy reimbursement claims. The company stated that once these subsidies are received, remaining dues will be settled as per applicable laws.
Additionally, Nagarjuna Fertilizers is exploring the possibility of a temporary urea production arrangement in coordination with the Government of India and AM Green Ammonia (India) Private Limited. The company has requested stock exchanges to take this clarification on record.
