JOIN USZuari Fertilisers and Chemicals (ZFCL) on Thursday purchased 29.93 lakh shares of UB group company Mangalore Chemicals and Fertilisers (MCF) at a price of Rs 67.98 per share, according to bulk deals data available with the National Stock Exchange (NSE).
With this, ZFCL now holds about 15.72 per cent stake in MCF. While 15 lakh shares were sold by Reliance Capital, the rest of the shares were apparently bought by ZFCL from the open market.
Mangalore Chemicals and Fertilizers (MCFL) on Thursday said 1.02 per cent of the stake belonging to its promoter firm United Breweries Holdings has been sold by a lender.
UB group’s lenders have begun the process of recovering their loans through sale of securities pledged with them amid huge accumulated losses and soaring debt levels of Kingfisher airline that is grounded since October 2012.
MCFL said the shareholding of the promoter firm United Breweries Holdings has come down to 15.05 per cent, from 16.07 per cent “on account of invocation of pledge created in favour of lender”.