Zuari ups open offer for MCFL to Rs 398 cr

To further increase its stake in the Mangalore Chemicals and Fertilisers Ltd (MCFL) along with Vijay Mallya-led UB Group, Saroj Poddar-led Zuari group on Tuesday announced plans to spend Rs 398.2 crore to buy up to 36.56 per cent stake in MCFL, about 10 per cent more stake than its earlier offer.

In a BSE filing on Tuesday, Zuari group revised the open offer size to 4,33,29,000 equity shares representing 36.56 per cent of the share capital from the  3,07,00,000 equity shares, representing 25.90 per cent of the Voting Share Capital.
Zuari group has been competing with Pune-based Deepak Fertilisers for taking control of the Mangalore Chemicals and Fertilisers Ltd (MCFL), since July last year.

As per latest figures, UB group has 21.97 per cent stake in MCFL, while Zuari group and Deepak Fertilisers have 16.47 per cent and 31.25 per cent stake respectively in MCFL.

Earlier this month, the Zuari group had announced a voluntary open offer to acquire 25.9 per cent stake in MCFL. However, Zuari has retained the price of the open offer at Rs 91.92 per share.