Mangalore Chemicals Surges 20% As Deepak Fertilizers Ups Open Offer Price
Shares in UB Group's Mangalore Chemicals and Fertilizers (MCF) surged 20 per cent on Friday to hit its maximum intraday limit.
MCF in a filing to exchanges on Friday, said Pune-based Deepak Fertilizers along with SCM Solifert has increased its open-offer price from Rs 63 to Rs 93.60 to acquire additional 26 per cent stake in the company.
Currently Deepak Fertilizers hold a little over 25 per cent stake in MCF and Vijay Mallya's UB group holds around 22 per cent while Zuari Agro Chemicals holds around 16 per cent stake in the company.
The move came in amid a battle for control of MCF between Deepak Fertilizers on one side and UB Group- Zuari Agro combination on the other side.
Earlier Vijay Mallya along with Zuari Agro Chemicals had launched a joint open offer at Rs 68.55 to acquire the remaining stocks of MCF. Sebi and Competition Competition Commission of India have also approved the open offer. However analysts expect that the open offer may suffer a setback after Mr Mallya was declared a 'wilful defaulter' by United Bank of India.
As of 11.28 a.m. Mangalore Chemicals shares were locked in upper circuit at Rs 87.70 apiece.
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