In what would be a large deal in the chemical and fertiliser space, among the options is a possible merger between Mangalore Chemicals and Paradeep Phosphates
Zuari Agro had bought Mangalore Chemicals in 2015 and is now looking to sell shares and majority control to raise funds to repay debt, sources suggest to Moneycontrol
The IPO consists of a fresh issue of Rs 1004 crore while an offer for sale of upto 118.51 million by its existing shareholders and promoters. At the upper price band, the firm plans to raise around Rs 1502 crore.
The offer comprises a fresh issue of equity shares aggregating to Rs 1,255 crore. The sellers are Government of India and Zuari Agro.
The products of Zuari are being sold by the brand- Jai Kisaan. It is a single-window agricultural solution provider, and partners with Indian farmers for progress and prosperity. It provides fertilisers that are both affordable and effective.
Bajaj Auto | Laurus Labs | M&M | Bhushan Steel | SPARC | Deccan Cement are stocks, which are in news today.
Shares of Zuari Agro, RCF, GSFC, and National Fertilisers, among others, were up between 4 and 14 percent intraday on Friday.
Saroj Poddar, who holds over 16 percent in MCF, said that he was interested in both, the JV and buying out Mallya's MCF shares.
According to reports, Zuari will look to sell its 16.5 percent stake to the Mallya-owned Mangalore Chemicals & fertilizers by the end of December unless a higher bid comes along.
If there is no supplementary Budget, this year's subsidy amounts that will be due from the government at the end of the year will be a frightening Rs 1,500 crore
Jet Airways | Zuari Agro | Geometric | Prestige Estates | Jaypee Infratech | Merck | City Union Bank | Sesa Goa | Dr Reddys Labs | Fresenius Kabi | Man Industries | Jindal Steel and Sterlite Industries are stocks, which are in the news today.
All eyes will be on Narayan Murthy's return and commentary from him as earnings season officially kicks starts with IT major Infosys reporting April-June numbers today.
Himanshu Nayyar, Analyst Agri Sector, Quant told CNBC-TV18 that he is is cautious on getting into Mangalore Chemicals and recommends buying Deepak Fertilisers with long term perspective.
Fertiliser shares rallied on Friday after the government approved a new policy to encourage investment in urea manufacturing, in a move seen expediting USD 6.5 billion in projects that have been held back.
Sudarshan Sukhani, s2analytics.com advice investors to buy SBI at current level, if one has not bought it.