Deepak Fertilisers & Petrochemicals Corporation has offloaded 18.45% stake in Mangalore Chemicals and Fertilizers (MCF) for nearly Rs 192 crore over two days last week, backing down from the takeover bid with rival Zuari group. The company sold 13.27 per cent stake in MCFL on April 13 for Rs 138.27 crore, while on April 15, it sold 5.18 per cent shares for Rs 53.45 crore. With the sale of shares, Deepak Fertilisers has reduced its stake to 10.60%, from 29.05% as on December 2014.
Last December, Deepak had sold 2.2 per cent stake in MCF, bringing down its stake to 29.05% from 31.25% earlier.
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.
