Continuing its exit from the Vijay Mallya-led UB Group firm, Deepak Fertilisers on Wednesday sold another 5.2 percent stake in Mangalore Chemicals and Fertilizers Ltd for over Rs 53 crore.
Pune-based Deepak Fertilisers has been competing with industrialist Saroj Poddar-led Zuari group for taking control of the MCFL since July 2013. Deepak Fertilisers had offloaded 12.1 percent stake in MCFL on Monday.
According to the bulk deal information with stock exchanges today, it sold 61.41 lakh shares (representing 5.2 percent stake) of MCFL. The company held MCFL shares through its subsidiary SCM Soilfert Ltd. Individually, Deepak Fertilisers sold 40.91 lakh shares on the NSE and 20.50 lakh on the BSE.
The company's shares were sold at an average price of Rs 87.04 apiece, valuing the transaction at Rs 53.45 crore. At the end of December quarter, 2014, SCM Soilfert held 3.44 crore shares in MCFL, representing 29.05 percent stake in the company. In January, it had sold 2.2 percent stake in MCFL.
The move follows Zuari Group's announcing the launch of its open offer on April 20 to acquire additional a 36.56 percent stake in MCFL. As of December 2014, Zuari had 16.47 percent stake in MCFL.
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