Mumbai: Market regulator Sebi has given its go-ahead to two rival bidders who have made offers for acquisition of additional stakes in Vijay Mallya-led UB Group’s Mangalore Chemicals and Fertilisers Ltd (MCFL). Two rival bidders, Deepak Fertilisers and Zuari Fertilisers, among which the latter has been joined by the existing promoters of MCFL as ‘persons acting in concert’, had filed draft offer documents on May 8 and May 27 respectively. Saroj Poddar-led Zuari group has teamed up with the UB Group in its offer to buy a 26% stake for Rs 68.55 apiece for Rs 211.22 crore in MCFL. UB Group holds nearly 22% stake in MCFL, but over half of their shareholding is pledged.

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