The UB Group has increased its stake in Mangalore Chemicals and Fertilizers (MCFL), buying 11,18,400 shares for Rs 7.69 crore on July 22 through the open market. Subsequently, Kingfisher Finvest’s stake in MCFL has increased to 1.96 per cent from 1.01 per cent. As of June 30, the UB Group had a 22 per cent stake in the company, which has now increased to 22.95 per cent.
Meanwhile, Deepak Fertilisers has bought a 24.46 per cent stake in MCFL for Rs 179 crore through block deals, Zuari Fertilisers has been buying shares in the company since April and has increased its stake to 16.43 per cent.
Mangalore Chemicals & Fertilizers (MCF) is the only manufacturer of chemical fertiliser in state of Karnataka. This Karnataka based company is Rs 1625 crore enterprise that manufactures products such as urea, di-ammonium phosphate, muriate of potash, granulated fertilizers, micronutrients, soil conditioners and specialty fertilizers.