<p>Market regulator Sebi has given its go-ahead to two rival bidders who have made offers for acquisition of additional stakes in Vijay Mallya-led UB Group's Mangalore Chemicals and Fertilisers Ltd (MCFL).<br /><br /></p>.<p>Two rival bidders, Deepak Fertilisers and Zuari Fertilisers, among which the latter has been joined by the existing promoters of MCFL as 'persons acting in concert', had filed draft offer documents on May 8 and May 27 respectively.<br /><br />The Securities and Exchange Board of India (Sebi) issued its final observations on the draft offer documents of both the companies on July 15, as per the latest update by the market regulator.<br />An open offer for acquisition of additional stake in a listed company can move forward only after issuance of 'observations' by Sebi.<br /><br />Earlier, Sebi had sought clarifications from JM Financial (merchant banker for Deepak Fertiliser group) on June 20. Prior to that, Sebi sought additional details on June 17 from ICICI Securities and Ambit Corporate Finance, who are acting as merchant bankers for Zuari in their proposed open offer for MCFL.<br /><br />The battle for MCFL started in April last year when Zuari Fertilisers bought about 10 per cent in the company from SBI group entities in the open market.<br /><br />Deepak Fertilisers followed with acquisition of a 24.46 per cent stake in MCFL in July 2013. Zuari group then increased its stake to 16.43 per cent in the same month.</p>
<p>Market regulator Sebi has given its go-ahead to two rival bidders who have made offers for acquisition of additional stakes in Vijay Mallya-led UB Group's Mangalore Chemicals and Fertilisers Ltd (MCFL).<br /><br /></p>.<p>Two rival bidders, Deepak Fertilisers and Zuari Fertilisers, among which the latter has been joined by the existing promoters of MCFL as 'persons acting in concert', had filed draft offer documents on May 8 and May 27 respectively.<br /><br />The Securities and Exchange Board of India (Sebi) issued its final observations on the draft offer documents of both the companies on July 15, as per the latest update by the market regulator.<br />An open offer for acquisition of additional stake in a listed company can move forward only after issuance of 'observations' by Sebi.<br /><br />Earlier, Sebi had sought clarifications from JM Financial (merchant banker for Deepak Fertiliser group) on June 20. Prior to that, Sebi sought additional details on June 17 from ICICI Securities and Ambit Corporate Finance, who are acting as merchant bankers for Zuari in their proposed open offer for MCFL.<br /><br />The battle for MCFL started in April last year when Zuari Fertilisers bought about 10 per cent in the company from SBI group entities in the open market.<br /><br />Deepak Fertilisers followed with acquisition of a 24.46 per cent stake in MCFL in July 2013. Zuari group then increased its stake to 16.43 per cent in the same month.</p>