New Delhi :  Intensifying its efforts to wrest control of Vijay Mallya’s Mangalore Chemicals & Fertilizer Ltd (MCFL), Zuari group on Tuesday joined hands with Mallya’s UB group and made a counter offer at a higher price than those offered by Deepak Fertilisers.

In a takeover bid, Deepak Fertilisers on April 23 raised its stake in the MCFL to 25.31 per cent (from 24.46 per cent) and announced an open offer to buy another 26 per cent stake at Rs 63 per share for about Rs 194 crore.

However, the Zuari and UB group have also made a combined offer for buying 26 per cent stake in MCFL at Rs 68.55 per share aggregating to Rs 211.22 crore, according to BSE filing by MCFL.

Zuari Fertilisers and Chemicals holds 16.43 per cent stake in MCFL, while promoter United Breweries (UB) group has 22.91 per cent. The combined stake of both companies is more than the required 25 per cent stake to make an open offer. The open offer is a combined one between Zuari group’s Zuari Chemicals and Fertilsers and Zuari Agro Chemicals along with UB group’s United Breweries (holdings) LT, Kingfisher Finvest India Ltd and Mcdowell Holdings Ltd.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal