Deepak Fertilisers buys 24.46% stake in Mangalore Chemicals

NEW DELHI: Deepak Fertilisers & Petrochemicals Corporation today said it has acquired 24.46 per cent stake in the Vijay-Mallya-promoted Mangalore Chemicals and Fertilisers Ltd ( MCFL) for an undisclosed amount.

The company has bought 2,89,91,150 equity shares in MCFL, which is worth about Rs 160 crore at the current market price.

In a filing to the BSE, Deepak Fertilisers and Petrochemicals Corporation said its wholly-owned subsidiary SCM Soilfert Limited "has acquired 2,89,91,150 equity shares of face value of Rs 10 each representing 24.46 per cent of share capital of Mangalore Chemicals & Fertilisers Ltd".

The promoters held 22 per cent stake in Mangalore Chemicals and Fertilisers Ltd as on March 31.

In April, Zuari Fertilisers had bought about 10 per cent stake in the Mangalore Chemicals and Fertilisers.

Shares of MCFL fell by nearly 10 per cent to end at Rs 56.20 apiece on the BSE today.