 "Mangalore Chemicals up after Zuari Agro raises open offer size")
Mangalore Chemicals & Fertilisers (MCF) has jumped 2% to Rs 91.75 on the BSE after Zuari Agro Chemicals announced plans to spend Rs 398.2 crore to buy up to 36.56 per cent stake in MCFL, about 10 per cent more stake than its previous offer.
At present, Zuari group has 16.47 per cent stake in the MCFL.
Zuari Agro Chemicals said that the Committee of the Board of Directors of the company, in its meeting held on 30 December 2014, has considered and passed resolution in respect of approving the company to act as a 'person acting in concert' (PAC) with Zuari Fertilisers and Chemicals, a wholly owned subsidiary of the company) (Acquirer) with respect to an upward revision in the offer size from 3.07 crore shares, representing 25.9% of the voting share capital made vide voluntary open offer dated 4 December 2014 to 4.33 crore shares, representing 36.56% of the voting share capital of Mangalore Chemicals & Fertilisers.
The stock opened at Rs 92, touched a high of Rs 97 and a low of Rs 91 on the BSE. A total of 253,651 shares have been exchanged on the BSE.
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%