Deepak Fertilizers up 4% on stake buy in Mangalore Chemical
Deepak Fertilizers through its subsidiary SCM Soilfert bought 24.46 percent stake or 2,89,91,150 equity shares in Vijay Mallya-led Mangalore Chemicals and Fertilisers (MCF) on Wednesday.
July 04, 2013 / 10:42 IST
Moneycontrol Bureau
Deepak Fertilizers and Petrochemicals Corporation shares gained more than 4 percent in morning trade Thursday, after the fertiliser company through its subsidiary SCM Soilfert bought 24.46 percent stake or 2,89,91,150 equity shares in Vijay Mallya-led Mangalore Chemicals and Fertilisers (MCF) on Wednesday.The company bought stake through multiple block deals amounting to over Rs 179 crore at Rs 61.75 apiece. Deepak Fertilizers said, "The investment is very strategic and a good fit with the company’s business.UB group said there was no takeover battle for Mangalore Chemicals. "We will retain control over MCF," he added.
United Breweries Holdings holds 16.07 percent stake and McDowell Holdings has 4.92 percent stake in MCF as of March 2013.The prominent sellers were DSP Blackrock (which sold 2.4 percent stake at Rs 63/share), Sundaram BNP Paribas MF (sold 2.5 percent stake at Rs 63/share), Indian Syntans (sold 3.4 percent stake at the same price) and Robust Marketing (sold 4.6 percent stake at Rs 56.25/share).In April, Goa-based Zuari Agro had bought 9.72 percent stake in MCF.Zuari said the company was evaluating all options and intended to be long-term investor in company.At 10:00 hours IST, the stock was quoting at Rs 97.00, up 3.19 percent amid large volumes on Bombay Stock Exchange.Meanwhile, shares of Mangalore Chemicals and Fertilisers are locked at 10 percent lower circuit at Rs 50.60 for the second consecutive session today. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
