Mangalore Chemicals surges on SCM,Deepak Fertilisers’ open offer

MUMBAI: Shares of Mangalore Chemicals & Fertilizers surged over 13 per cent in intraday trade after SCM Soilfert and Deepak Fertilisers made an open offer to public shareholders.

SCM Soilfert and Deepak Fertilisers have made an open offer to buy 3.08 crore shares, 26 per cent of voting share capital, at a price of Rs 61.75/share.

The companies have come out with open offer after placing a purchase order to acquire up to 20 lakh fully paid up equity shares, 1.7 per cent voting share capital of Mangalore Chemicals at a price of Rs 63 per share.