MCF gains on talk of higher open offer from Deepak Fertilisers

The stock gained on talk that Deepak Fertilisers would revise its open offer price upwards

Shares of Mangalore Chemicals and Fertilisers (MCF) were up nearly 2% at Rs 69.60 on talk that Deepak Fertilisers is planning to revise its open offer price to gain management control of MCF.

Earlier, Deepak Fertilisers had offered Rs 63 a share while Vijay Mallya and Poddar had jointly launched a counter open offer at Rs 68.55 a share.

Deepak Fertiliser's decision to go full throttle in its takeover bid comes a day after United Bank of India declared UB Group company Kingfisher Airlines and Vijay Mallya wilful defaulters for non-payment of dues amounting to Rs 400 crore, a Business Standard report suggests.

The stock opened at Rs 72.50 and touched a low of Rs 68.90 so far. Over 166,000 shares were traded on both the stock exchanges so far.