Deepak Fertilisers has sold 25.56 lakh shares of Mangalore Chemicals and Fertilizers (MCFL) in last 15 days through open market transactions for Rs 22 crore, as part of its strategy to exit from the Vijay Mallya-led UB Group firm.
After sale of these shares, the stake of Pune-based Deepak Fertilisers in MCFL has come down to 6.43 percent. In a filing to the BSE, MCFL on Wednesday informed that Deepak Fertilisers' arm SCM Solifert has sold 25,56,920 shares, representing 2.16 percent stake in MCFL, between April 21 and May 4, for Rs 22.24 crore through open market.
Deepak Fertilisers was competing with Kolkata-based industrialist Saroj Poddar-led Zuari group for taking control of MCFL, since July 2013.
In the process, it acquired over 31 percent stake in the MCFL. However, Deepak Fertilisers, in a surprise move, started selling shares of MCFL from December last year, signalling its exit from the UB Group firm.
From 31.25 percent stake in December last year, its shareholding in MCFL has now reduced to 6.43 percent. Meanwhile, Zuari Group launched its open offer on April 20 to acquire additional 36.56 percent stake in MCFL.
Zuari had 16.47 percent stake in MCFL as on March 31, 2015, while the promoter UB group has 21.97 percent stake in the fertiliser firm.
MCFL's share price today settled at Rs 82.05 apiece on the BSE, up 1.80 percent from the previous closing. Its market cap stood at Rs 972.42 crore.
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