Mangalore Chemicals and Fertilisers has dipped 8% at Rs 51.70, extending its previous day’s 10% fall, after Deepak Fertilisers & Petrochemicals has acquired a 24.5% stake the company for Rs 179 crore from open market transaction.
Deepak Fertilisers, through its wholly owned subsidiary SCM Soilfert, bought Mangalore Chemicals' 28.99 million shares at an average price of Rs 61.75 per share in 18 block deals executed on the BSE yesterday. Deepak Fertilisers has now become the largest shareholder in the company.
The sellers were Delhi-based Burman family and SundaramBNP and DSP Blackrock mutual funds.
In April, Zuari Fertilisers had bought about 10% stake in the Mangalore Chemicals and Fertilisers.
The stock opened at Rs 56.15 and hit a low of Rs 50.80 on NSE. A combined 1.38 million shares have changed hands on the counter till 0930 hours on NSE and BSE.
Meanwhile, the stock rallied 69% in past three weeks from Rs 36.90 on June 12 to Rs 62.40 on July 4, has corrected by 17% in past two trading sessions.
Deepak Fertilisers, through its wholly owned subsidiary SCM Soilfert, bought Mangalore Chemicals' 28.99 million shares at an average price of Rs 61.75 per share in 18 block deals executed on the BSE yesterday. Deepak Fertilisers has now become the largest shareholder in the company.
The sellers were Delhi-based Burman family and SundaramBNP and DSP Blackrock mutual funds.
In April, Zuari Fertilisers had bought about 10% stake in the Mangalore Chemicals and Fertilisers.
The stock opened at Rs 56.15 and hit a low of Rs 50.80 on NSE. A combined 1.38 million shares have changed hands on the counter till 0930 hours on NSE and BSE.
Meanwhile, the stock rallied 69% in past three weeks from Rs 36.90 on June 12 to Rs 62.40 on July 4, has corrected by 17% in past two trading sessions.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%