Deepak Fertilizers sells 18.45% stake in MCFL for Rs 192 cr

Deepak Fertilisers has sold 18.45 percent stake in Mangalore Chemicals and Fertilizers Ltd for nearly Rs 192 crore over two days this week, backing down from the takeover bid with rival Zuari group.

With the sale of shares, Deepak Fertilisers has reduced its stake to 10.60 percent, from 29.05 per cent as on December 2014.

Pune-based Deepak Fertilisers has been competing with industrialist Saroj Poddar-led Zuari group for taking control of MCFL since July 2013.

According to regulatory filings, Deepak Fertilisers sold On April 15, it sold 5.18 per cent shares for Rs 53.45 crore. Last December, Deepak had sold 2.2 per cent stake in MCFL,bringing down its stake to 29.05 per cent from 31.25 percent Deepak holds its stake in MCFL via its subsidiary SCM Soilfert Ltd.

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.

Meanwhile, in a separate filing MCFL also informed that Rajasthan Global Securities Ltd has acquired additional 1.32 percent stake in the company and raised its total stake to 5.51 percent.