Zuari group revised the open offer size to 4,33,29,000 equity shares representing 36.56 percent of the share capital. However, Zuari has retained the price of open offer at Rs 91.92 per share. With increase in the offer size, Zuari group will now have to spend Rs 398.2 crore from the earlier Rs 282.19 crore.
Shares of Mangalore Chemicals surged 8 percent intraday on Wednesday after Zuari increased its open offer size for its acquisition. The Zuari group is going to spend Rs 398.2 crore to buy up to 36.56 percent stake in MCFL, about 10 percent more stake than its earlier offer. 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 percent stake in MCFL, while Zuari group and Deepak Fertilisers have 16.47 percent and 31.25 percent stakes respectively, in the MCFL. Earlier this month, the Zuari group had announced a voluntary open offer to acquire 25.9 percent stake in MCFL.
In a filing to the BSE, Zuari group revised the open offer size to 4,33,29,000 equity shares representing 36.56 percent of the share capital. However, Zuari has retained the price of open offer at Rs 91.92 per share. With increase in the offer size, Zuari group will now have to spend Rs 398.2 crore from the earlier Rs 282.19 crore.
The battle for MCFL between Deepak Fertilisers and Zuari Group was triggered in July 2013 when the latter bought about 10 percent stake in MCFL through open market. Later, Deepak Fertilisers acquired 24.46 percent stake in MCFL in one go in July 2013.
After that, Zuari group had increased its stake to 16.43 percent in the same month. Deepak Fertilisers further raised its 25.31 percent stake in MCFL in April 2014, triggering the need for launch of mandatory open offer. Vijay Mallya-led UB group had sided with Zuari group to launch the counter open offer, which opened on October 1 and closed on October 20, to ward off the takeover bid of Deepak Fertilizers. In that open offer, Zuari group was able to buy only 42,424 shares as its offer price was lower than Deepak's offer price of Rs 93.60 per share. However, Deepak Fertilisers was able to raise its stake in MCFL by about 6 percent to 31.25 percent.
At 12:10 hrs Mangalore Chemicals and Fertilisers was quoting at Rs 91.90, up Rs 2.00, or 2.22 percent and Zuari Agro Chemicals was quoting at Rs 261.85, up Rs 2.05, or 0.79 percent on the BSE.
(With inputs from PTI)
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