Mangalore Chemicals and Fertilisers (MCFL) is locked in upper circuit of 10% at Rs 67.85, also its record high on BSE, after Zuari Fertilisers and Deepak Fertilisers are fighting it out to take control of the company.
A combined 3.86 million shares have already changed hands on the counter so far and there are pending buy orders for 478,000 shares on BSE and NSE at 1000 hours.
On Wednesday, Zuari Fertilisers has acquired 4.14 million shares representing 3.5% of total equity capital of MCFL for about Rs 25 crore, taking its stake to over 13% and became the third largest shareholder in the UB Group Company.
Saroj Poddar-led Zuari had first acquired nearly 10% stake in MCFL for Rs 44.3 crore in April, while Deepak Fertilisers picked up 24.46% of equity for Rs 179 crore from open market last week.
As on March 2013, the promoters including United Breweries Holdings held 22% stake in the company.
A combined 3.86 million shares have already changed hands on the counter so far and there are pending buy orders for 478,000 shares on BSE and NSE at 1000 hours.
On Wednesday, Zuari Fertilisers has acquired 4.14 million shares representing 3.5% of total equity capital of MCFL for about Rs 25 crore, taking its stake to over 13% and became the third largest shareholder in the UB Group Company.
Saroj Poddar-led Zuari had first acquired nearly 10% stake in MCFL for Rs 44.3 crore in April, while Deepak Fertilisers picked up 24.46% of equity for Rs 179 crore from open market last week.
As on March 2013, the promoters including United Breweries Holdings held 22% stake in the company.
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