Beleaguered billionaire Vijay Mallaya who also owns Kingfisher Airlines and recently sold a majority stake in United Spirits to Diageo Plc., is staring at the prospect of a substantial dilution of control in Mangalore Chemicals & Fertilisers (MCF)
MCF shares have surged a whopping 72 % since June 1st, compared with a 2.8 per cent fall in the Nifty during the same period on speculation that Zuari Agro and Deepak are competing to buy the company.
Zuari Fertilisers, a unit of Zuari Agro Chemicals has bought a 3.49 % stake in MCF in the open markets, according to bulk trade data from the NSE on Wednesday, taking its total stake in the company to 13.2 %.
Meanwhile, Deepak Fertilizers has recently increased its stake in MCF to nearly 24.5 %.
Earlier in April 2013, Dabur scion Mohit Burman had joined fertiliser maker Saroj Poddar in declaring his interest in increasing stake in the company. Burman's Guardian Advisors, which owned about 10.95% in the company, increased its stake to 11%.
So, the stage seems all set for an exciting takeover battle. As to who the winner will be, time will tell.
Disclaimer: Ventura Securities Ltd has taken due care and caution in compilation of data for its web blog. The information has been obtained from different sources which it considers reliable. However, Ventura Securities Ltd does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Ventura Securities Ltd especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its web blog. The information provided herein is just for the knowledge purpose and shouldn’t be construed as investment advice under any circumstances.
For android only
Post your comment
You must be logged in to post a comment.