Mangalore Chemicals and Fertilizers (MCFL) has zoomed 18% to Rs 46.25, extending its previous day’s 20% rally on NSE, after Zuari Fertilisers acquired close to 10% stake in the UB Group company through open market transactions.
“Zuari Fertilisers and Chemicals have bought 9.72% stake from a State Bank of India group entity and the rest from the open market on Tuesday,” MCFL said in a regulatory filing.
Zuari purchased 11.53 million shares of MCFL, accounting for 9.72% stake for Rs 44.30 crore. SBI Cap Trustee Company sold the 8% it held in MCFL for Rs 38.50 crore.
“The shares were sold by SBI Cap at an average price of Rs 38.50, while the average purchase price for Zuari was Rs 38.40,” the NSE bulk deal data shows.
As on December 31, 2012, Zuari did not hold any shares in MCFL. While promoters held 30.44% stake in MCFL at the end of December 2012, nearly 70% of their shares were pledged with various lenders.
The stock opened at Rs 44.10 and has seen a combined 970,534 shares changing hands on the counter till 0921 hours on NSE and BSE.
“Zuari Fertilisers and Chemicals have bought 9.72% stake from a State Bank of India group entity and the rest from the open market on Tuesday,” MCFL said in a regulatory filing.
Zuari purchased 11.53 million shares of MCFL, accounting for 9.72% stake for Rs 44.30 crore. SBI Cap Trustee Company sold the 8% it held in MCFL for Rs 38.50 crore.
“The shares were sold by SBI Cap at an average price of Rs 38.50, while the average purchase price for Zuari was Rs 38.40,” the NSE bulk deal data shows.
As on December 31, 2012, Zuari did not hold any shares in MCFL. While promoters held 30.44% stake in MCFL at the end of December 2012, nearly 70% of their shares were pledged with various lenders.
The stock opened at Rs 44.10 and has seen a combined 970,534 shares changing hands on the counter till 0921 hours on NSE and BSE.
