Deepak Fertilisers today sold about 2 per cent stake in Mangalore Chemicals and Fertilizers for little over Rs 20 crore, continuing with its move to exit from the Vijay Mallya-led UB Group firm.
With the sale of shares today, the Pune-based company has reduced its stake in MCFL to 8.65 per cent, from 28.47 per cent it held as on quarter-ending March 2015.
Deepak Fertilisers has been competing with industrialist Saroj Poddar-led Zuari group for taking control of MCFL since July 2013.
The move follows Zuari Group's announcing the launch of its open offer on April 20 to acquire additional a 36.56 per cent stake in MCFL. As of December 2014, Zuari had 16.47 per cent stake in MCFL.
According to the bulk deal information with the stock exchanges, Deepak Fertilisers today offloaded a total of 23,18,442 shares of MCFL representing 1.95 per cent stake in the firm .
MCFL shares were sold at an average price of Rs 87.08 apiece, amounting the transaction size to Rs 20.2 crore.
The company holds MCFL shares through its subsidiary SCM Soilfert Ltd.
Last week, Deepak Fertilisers sold 18.5 per cent stake in MCFL for Rs 192 crore.
MCFL shares declined marginally by 0.46 per cent to end the day at Rs 87.05 apiece on the BSE.
