Deepak Fertilisers has sold 25.56 lakh shares of Mangalore Chemicals and Fertilizers (MCFL) in last 15 days through open market transactions for Rs 22 crore, as part of its strategy to exit from the Vijay Mallya-led UB Group firm.
After sale of these shares, the stake of Pune-based Deepak Fertilisers in MCFL has come down to 6.43 per cent.
In a filing to the BSE, MCFL today informed that Deepak Fertilisers' arm SCM Solifert has sold 25,56,920 shares, representing 2.16 per cent stake in MCFL, between April 21 and May 4, for Rs 22.24 crore through open market.
Deepak Fertilisers was competing with Kolkata-based industrialist Saroj Poddar-led Zuari group for taking control of MCFL, since July 2013. In the process, it acquired over 31 per cent stake in the MCFL.
However, Deepak Fertilisers, in a surprise move, started selling shares of MCFL from December last year, signalling its exit from the UB Group firm. From 31.25 per cent stake in December last year, its shareholding in MCFL has now reduced to 6.43 per cent.
Meanwhile, Zuari Group launched its open offer on April 20 to acquire additional 36.56 per cent stake in MCFL.
Zuari had 16.47 per cent stake in MCFL as on March 31, 2015, while the promoter UB group has 21.97 per cent stake in the fertiliser firm.
MCFL's share price today settled at Rs 82.05 apiece on the BSE, up 1.80 per cent from the previous closing. Its market cap stood at Rs 972.42 crore.
