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Deepak Fertilisers has sold 18.45 per cent stake in Mangalore Chemicals and Fertilizers Ltd for nearly Rs 192 crore over two days this week, backing down from the takeover bid with rival Zuari group.
With the sale of shares, Deepak Fertilisers has reduced its stake to 10.60 per cent, from 29.05 per cent as on December 2014.
Pune-based Deepak Fertilisers has been competing with industrialist Saroj Poddar—led Zuari group for taking control of MCFL since July 2013.
According to regulatory filings, Deepak Fertilisers sold 13.27 per cent stake in MCFL on April 13 for Rs 138.27 crore.
On April 15, it sold 5.18 per cent shares for Rs 53.45 crore.
Last December, Deepak had sold 2.2 per cent stake in MCFL, bringing down its stake to 29.05 per cent from 31.25 per cent earlier.
Deepak holds its stake in MCFL via its subsidiary SCM Soilfert Ltd.
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.
Meanwhile, in a separate filing MCFL also informed that Rajasthan Global Securities Ltd has acquired additional 1.32 per cent stake in the company and raised its total stake to 5.51 per cent.
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