Deepak Fertilisers has reduced their stake in Vijay Mallya-owned Mangalore Chemicals & Fertilizers (MCF). The Pune-based company sold around 1.5 crore shares, valued at around Rs 126 crore, as it sees no merit in taking over the reins of MCF.
Earlier, both Deepak as well as Saroj Poddar’s Adventz had floated an open as well as a counter-offer to increase their respective stakes in MCF. Since then, Deepak Fertilisers, which had a stake of about 31 per cent, has reduced its holding in two tranches - about 2 per cent sometime ago and now about 12 per cent. Mallya’s holding company has about 21.97 per cent while Kolkata-based Adventz has 16.47 per cent in MCF.
Deepak Fertilisers and Petrochemicals Corporation is one of the leading manufacturers of industrials chemicals and fertilizers in India. The company operates in three business segments – Chemicals, Fertilizers and Realty.
