Mangalore Chemicals and Fertilisers has dipped 8% at Rs 51.70, extending its previous day’s 10% fall, after Deepak Fertilisers & Petrochemicals has acquired a 24.5% stake the company for Rs 179 crore from open market transaction.
Deepak Fertilisers, through its wholly owned subsidiary SCM Soilfert, bought Mangalore Chemicals' 28.99 million shares at an average price of Rs 61.75 per share in 18 block deals executed on the BSE yesterday. Deepak Fertilisers has now become the largest shareholder in the company.
The sellers were Delhi-based Burman family and SundaramBNP and DSP Blackrock mutual funds.
In April, Zuari Fertilisers had bought about 10% stake in the Mangalore Chemicals and Fertilisers.
The stock opened at Rs 56.15 and hit a low of Rs 50.80 on NSE. A combined 1.38 million shares have changed hands on the counter till 0930 hours on NSE and BSE.
Meanwhile, the stock rallied 69% in past three weeks from Rs 36.90 on June 12 to Rs 62.40 on July 4, has corrected by 17% in past two trading sessions.
Deepak Fertilisers, through its wholly owned subsidiary SCM Soilfert, bought Mangalore Chemicals' 28.99 million shares at an average price of Rs 61.75 per share in 18 block deals executed on the BSE yesterday. Deepak Fertilisers has now become the largest shareholder in the company.
The sellers were Delhi-based Burman family and SundaramBNP and DSP Blackrock mutual funds.
In April, Zuari Fertilisers had bought about 10% stake in the Mangalore Chemicals and Fertilisers.
The stock opened at Rs 56.15 and hit a low of Rs 50.80 on NSE. A combined 1.38 million shares have changed hands on the counter till 0930 hours on NSE and BSE.
Meanwhile, the stock rallied 69% in past three weeks from Rs 36.90 on June 12 to Rs 62.40 on July 4, has corrected by 17% in past two trading sessions.