Deepak Fert buys 24.46% stake in Mangalore Chemicals

Deepak Fertilisers and Petrochemicals Corporation on Monday said it has acquired 24.46-percent  stake in the Vijay-Mallya-promoted Mangalore Chemicals and Fertilisers Ltd (MCFL) for an undisclosed amount.

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The company has bought 2,89,91,150 equity shares in MCFL, which is worth about Rs 160 crore at the current market price.
In a filing to the BSE, Deepak Fertilisers and Petrochemicals Corporation said its wholly-owned subsidiary SCM Soilfert Limited "has acquired 2,89,91,150 equity shares of face value of Rs 10 each representing 24.46 percent of share capital of Mangalore Chemicals and Fertilisers Ltd".
The promoters held 22-percent stake in Mangalore Chemicals and Fertilisers Ltd as on March 31. In April, Zuari Fertilisers had bought about 10-percent stake  in Mangalore Chemicals and Fertilisers. Shares of MCFL fell by nearly 10 percent to end at Rs 56.20 apiece on the BSE on Monday.
Indian Syntans Invsestments cut stake in Mangalore Chemicals by 5.15 percent to 0.45 percent. Indian Syntans Invst  held 5.60-percent in Mangalore Chemicals.