Saroj Poddar offers to talk it out with Deepak Fertilisers over MCF

Deepak Fertilisers CFO Somnath Patil refused to say on whether it had received adverse feedback from Vijay Mallya

Zuari's Saroj Poddar is open to holding discussions with Pune-based Deepak Fertilisers for buying out its 24.46% stake in Mangalore Chemicals and Fertilisers.

But why would Deepak Fertiliser exit after spicing up the MCF battle? Poddar explains that his friend Mallya was miffed with the Pune-based company as they did not inform Mallya before buying substantial amount of shares in MCF.

“We are open to discussing the matter with Deepak. Vijay was not happy with them. He told me in London that two companies buying shares in his company, can't force him to exit,” said Poddar by adding that Mallya categorically mentioned, “I am not a seller,” However, Mallya is in touch with both the parties.

When contacted, Deepak Fertilisers CFO Somnath Patil refused to comment on the matter whether it had received adverse feedback from Vijay Mallya and if it would be interested to exit the race as Poddar has the right of first refusal.

The Adventz Group chairman who is also amidst another takeover battle in Kalindee Rail Nirman said the move to even buy out Deepak's stake would be in consultation with Mallya. “I don't see any further reason to buy any% of shares from the market anymore because Mallya has to decide now. It’s about one final call now,” he added.

While S C Mehta chairman at Deepak Fertilsiers may not be ready as of now to give up this race but chances appear to be slim for the Pune based company. Poddar was planning a friendly takeover of MCF but Deepak's sudden entry had jolted Poddar's plan. Poddar has been maintaining that all his moves going forward were in consultation with Mallya.

Vijay Mallya now holds about 21% in MCF while Poddar has 16% stake.