 "Mangalore Chemicals rallies on open offer by Zuari")
Shares in Mangalore Chemicals and Fertilisers (MCF) has rallied 9% to Rs 93.65 on BSE after the company said Zuari Fertilisers made an open offer to acquire a further 30.7 million shares at Rs 91.92 per share.
In a filing to the BSE, Adventz Group companies, Zuari Agro and Zuari Fertiliser & Chemicals (person acting in concert), said they planned to acquire another 25.9% or 30.7 million shares in MCF by making a voluntary offer. The open offer is worth a total of Rs 282.19 crore.
As the offer is voluntary, all the tendered shares under the open offer will be acquired by the company.
As of September 30, 2014, Zuari Fertilizers and Chemicals held 16.43% stake in the MCF, the shareholding pattern data shows.
The stock opened at Rs 92.30 and touched a high of Rs 98.35 on BSE. The trading volumes on the surged over ten-fold with a combined 2.26 million shares changed hands on the counter till 1056 hours on BSE and NSE.
In a filing to the BSE, Adventz Group companies, Zuari Agro and Zuari Fertiliser & Chemicals (person acting in concert), said they planned to acquire another 25.9% or 30.7 million shares in MCF by making a voluntary offer. The open offer is worth a total of Rs 282.19 crore.
As the offer is voluntary, all the tendered shares under the open offer will be acquired by the company.
As of September 30, 2014, Zuari Fertilizers and Chemicals held 16.43% stake in the MCF, the shareholding pattern data shows.
The stock opened at Rs 92.30 and touched a high of Rs 98.35 on BSE. The trading volumes on the surged over ten-fold with a combined 2.26 million shares changed hands on the counter till 1056 hours on BSE and NSE.