 "Mangalore Chemicals up after Zuari Agro raises open offer size")
Mangalore Chemicals & Fertilisers (MCF) has jumped 2% to Rs 91.75 on the BSE after Zuari Agro Chemicals announced plans to spend Rs 398.2 crore to buy up to 36.56 per cent stake in MCFL, about 10 per cent more stake than its previous offer.
At present, Zuari group has 16.47 per cent stake in the MCFL.
Zuari Agro Chemicals said that the Committee of the Board of Directors of the company, in its meeting held on 30 December 2014, has considered and passed resolution in respect of approving the company to act as a 'person acting in concert' (PAC) with Zuari Fertilisers and Chemicals, a wholly owned subsidiary of the company) (Acquirer) with respect to an upward revision in the offer size from 3.07 crore shares, representing 25.9% of the voting share capital made vide voluntary open offer dated 4 December 2014 to 4.33 crore shares, representing 36.56% of the voting share capital of Mangalore Chemicals & Fertilisers.
The stock opened at Rs 92, touched a high of Rs 97 and a low of Rs 91 on the BSE. A total of 253,651 shares have been exchanged on the BSE.