MCFL shares surge over 15% on Zuari open offer

Shares of Mangalore Chemicals and Fertilizers Ltd (MCFL) surged over 15 per cent today on industrialist Saroj Poddar-led Zuari group's decision to spend upto Rs 282.19 crore to buy over three crore shares in the UB Group firm through a new open offer.
MCFL's scrip zoomed 14.16 per cent to Rs 98.35 on the BSE.
At the NSE, it gained 15.62 per cent to Rs 99.90.
The voluntary open offer for 3.07 crore MCFL shares constitutes 25.90 per cent of the company's fully diluted voting equity share capital. The open offer price of Rs 91.92/share represents about 7 per cent premium to MCFL's closing price of Rs 86.15 yesterday.

"ICICI Securities Ltd, manager to the open offer, has submitted to BSE a copy of public announcement regarding voluntary open offer for acquisition of up to 3,07,00,000 fully paid-up equity shares of MCFL from the public shareholders by Zuari Fertilisers and Chemicals together with Zuari Agro Chemicals...," a company filing had said.
The fertiliser company has also announced appointment of Vijay Mallya's step-mother Ritu Mallya as a director of the firm with immediate effect. In a surprise move on December 1, liquor baron Mallya had resigned as MCFL director.