MCFL shares surge over 5% at close on Zuari open offer

Shares of Mangalore Chemicals and Fertilisers (MCFL) today rose over 5 per cent after the Saroj Poddar-led Zuari group announced a voluntary open offer to buy over 3 crore shares for Rs 282.19 crore in the UB Group firm.
MCFL's stock rose by 5.46 per cent to settle at Rs 90.85 on the BSE. During the day, it gained 14.16 per cent to Rs 98.35.
On the NSE, the scrip climbed 4.98 per cent to end at Rs 90.70.
In terms of volume, 12.49 lakh shares of the company changed hands at the BSE, while over 26 lakh shares were traded at the NSE during the day.

Zuari group has made a voluntary open offer to acquire up to 3.07 crore additional shares, comprising 25.9 per cent stake, in Mangalore Chemicals and Fertilisers (MCFL) for Rs 282.19 crore -- a move aimed at taking control over the Vijay Mallya group firm.
Kolkata-based industrialist Saroj Poddar-led Zuari group has been competing with Pune-based Deepak Fertilisers for taking control of the MCFL, since July last year.

At present, UB group has 21.97 per cent stake in MCFL, while Zuari group and Deepak Fertilisers have 16.47 per cent and 31.25 per cent stakes respectively, in the MCFL.
The 'voluntary' open offer by Zuari group comes more than a month after the mandatory open offers by Deepak Fertilisers and Zuari-UB group combine.

In a filing to the BSE, Zuari group said that this offer to the public shareholders to acquire up to 3.07 crore shares constituting 25.90 per cent of the fully diluted voting equity share capital of MCFL is at "a price of Rs 91.92 per share aggregating to Rs 282.19 crore".
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.