Deepak Fertilisers & Petrochemicals Corporation has purchased an additional 5.94% stake in Mangalore Chemicals and Fertilisers (MCFL) for Rs 65.93 crore through an open offer, intensifying its takeover battle with Zuari Group. The company purchased 70,44,397 shares in MCFL in the open offer which closed on October 20. The company had launched open offer at a price of Rs 93.60 per share on October 1.
Post open offer, Deepak Fertilisers has 31.25% stake in the company whereas Rival Zuari-UB group combine, which had offered the counter bid at Rs 81.60 per share, could acquire only 48,000 shares and presently holds 38.40% stake in MCFL.
After the latest round of takeover battle, Zuari group along with Vijay Mallaya’s UB group needs about 12% additional stake in MCFL to take control of the company while at the same time Deepak Fertilisers would require more than 18% stake in the MCFL.