Zuari Fert hikes stake in MCF to 16.43%

Zuari Fertilisers & Chemicals has increased its stake in UB group's Mangalore Chemicals & Fertilisers to 16.43 per cent, intensifying battle with Deepak Fertilisers for takeover of the Vijay Mallya-promoted firm.

In a filing to the BSE, Mangalore Chemicals and Fertilisers Ltd (MCFL) on Saturday informed that Zuari Fertilisers has bought 35,77,255 shares on July 11 and 12 through open market. On July 10, Zuari had bought 43,68,067 shares of MCFL.

Post these transactions, Zuari Fertilisers' stake in MCFL has increased to 16.43 per cent, while rival Deepak Fertilisers and Petrochemicals Corporation picked up 24.46 per cent stake in MCFL for Rs 179 crore from open market earlier this month. Promoter UB Group has about 21 per cent stake in MCFL.

Any direct or indirect acquisition of shares amounting to 25 per cent or more stake in a listed company triggers a mandatory open offer by the acquirer for public shareholders.
Shares of MCFL closed at all-time high of Rs 70.05 on Friday on BSE, up 3.24 per cent from previous day.