Deepak Fertilisers today virtually exited the race to acquire MCFL by selling 12 per cent stake for Rs 126 crore in the Vijay Mallya-led firm, lowering its holding to little over 16 per cent.
Pune-based Deepak Fertilisers has been competing with industrialist Saroj Poddar-led Zuari group for taking control of the Mangalore Chemicals and Fertilisers Ltd (MCFL) since July 2013.
The move follows Zuari Group's announcing the launch of its open offer on April 20 to acquire additional 36.56 per cent stake in MCFL. At present, Kolkata-based Zuari group has 16.47 per cent stake.
According to the bulk deal information with stock exchanges, Deepak Fertilisers sold a total of 1.43 crore shares (representing 12.07 per cent stake) of MCFL.
Deepak Fertilisers, which held MCFL shares through its subsidiary SCM Soilfert Ltd, sold these shares at an average price of over Rs 87 apiece, valuing the transaction at Rs 125.69 crore, the data showed.
The company sold 80.83 lakh shares on the BSE and 62.22 lakh on the NSE.
At the end of March quarter, 2015, Deepak Fertilisers' subsidiary SCM Soilfert held over 3.37 crore shares in MCFL representing 28.47 per cent stake in the company.
This is the second time Deepak Fertilisers is selling its stake in MCFL. In December, it had sold 2.2 per cent stake in MCFL, bringing down its stake to 29.05 per cent as on December 31, 2014 from 31.25 per cent earlier.
Meanwhile, in separate transactions on the bourses, four entities --- acquired a total of 48.32 lakh shares of MCFL worth about Rs 42.45 crore.
These entities are -- JMS Mining Services, IIFL National Development Agenda Fund, IIFL Asset Revival Fund and Koduru Sravanthi.
The battle has been going on between Zuari Group and Deepak Fertilisers for a long time for taking over MCFL.
As per the shareholding pattern, UB groups held nearly 22 per cent stake in MCFL, while Zuari group held a 16.47 per cent stake at the end of the March quarter.
Shares of MCFL declined by 0.91 per cent to settle the day at Rs 87.55 apiece on the BSE.
