Intensifying the battle to takeover Mangalore Chemicals & Fertilizers (MCF), Deepak Fertilisers has revised its open offer to acquire additional 26% stake in MCF at Rs 93.60 per share.
Zuari chief Saroj Poddar and MCF promoter Vijay Mallya have also revised their open offer in a bid to ward off Deepak Fertilisers’ move at Rs 81.60 per share.
Business Standard had reported on September 2 that Pune based Deepak Fertilisers was planning to revise its open offer.
After the Pune-based company earlier offered Rs 63 a share, Mallya and Poddar had jointly launched a counter open offer at Rs 68.55 a share.
Post the announcement, MCF shares are trading about 20% higher on the BSE at Rs 88.10.
Mallya, through UB Group, owns 21.98% in MCF, while Poddar holds a 16.43% stake through Zuari.
As of the April-June quarter of this financial year, Deepak owned a 25.3% stake in MCF and had proposed an open offer for an additional 26% stake. Poddar and Mallya had jointly made an open offer for the same stake.
Sebi had last month approved both the open offer proposals, and Competition Commission of India had also given its nod to both the offers proposed earlier.
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