Mangalore Chemicals and Fertilisers (MCF) has rallied 13% to Rs 69.70 after Deepak Fertilisers and Petrochemicals Corporation makes an open offer to acquire 26% stake in the company at price of Rs 61.75 per share.
Deepak Fertilisers made an open offer for acquisition of up to 30.81 million shares representing 26% of total equity of MCF at a price of Rs 61.75 per share, JM Financial Institutional Securities, the manager of the open offer said in statement on behalf of MCF.
As on December 31, 2013, Deepak Fertilisers held 24.46% stake in MCF through its wholly owned subsidiary SCM Soilfert.
Individual shareholders held 25.32% stake in the MCF, while Zuari Fertilizers and Chemicals held 16.43% stake, followed by Karnataka State Co-operative Marketing Federation Ltd (2.28%), the shareholding pattern data shows.
Shares in MCF opened at Rs 62.50 and touched a high of Rs 72.35 on the BSE. A combined 3.87 million shares changed hands on the counter so far on the BSE and NSE.
Zuari Agro Chemicals and Deepak Fertilisers are up 4% each at Rs 152 and Rs 125 respectively.
Deepak Fertilisers made an open offer for acquisition of up to 30.81 million shares representing 26% of total equity of MCF at a price of Rs 61.75 per share, JM Financial Institutional Securities, the manager of the open offer said in statement on behalf of MCF.
As on December 31, 2013, Deepak Fertilisers held 24.46% stake in MCF through its wholly owned subsidiary SCM Soilfert.
Individual shareholders held 25.32% stake in the MCF, while Zuari Fertilizers and Chemicals held 16.43% stake, followed by Karnataka State Co-operative Marketing Federation Ltd (2.28%), the shareholding pattern data shows.
Shares in MCF opened at Rs 62.50 and touched a high of Rs 72.35 on the BSE. A combined 3.87 million shares changed hands on the counter so far on the BSE and NSE.
Zuari Agro Chemicals and Deepak Fertilisers are up 4% each at Rs 152 and Rs 125 respectively.
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