MCFL promoter releases over 70 lakh pledged shares

NEW DELHI: Mangalore Chemicals and Fertilisers today said that one of its promoters McDowell Holdings has released 70.26 lakh shares, representing 5.93 per cent stake in the company.

In a filing to the BSE, Mangalore Chemicals said that MCDowell Holdings on October 4 released pledge of 70,26,828 shares, which are equal to 5.93 per cent stake in the company.

As on June 30, 2012, the promoters held 30.44 per cent stake in the company and out of which McDowell holds 5.93 per cent. The entire stake of McDowell was pledged.

Apart from McDowell Holdings, United Breweries Holdings Ltd holds 24.51 per cent and United Spirits Ltd holds 0.01 per cent stake in the company.

The company, which is part of the UB Group, produces wide range of products like urea, di-ammonium phosphate, muriate of potash, granulated fertilisers, micronutrients, soil conditioners and speciality fertilisers.

Shares of Mangalore Chemicals today fell by 1.31 per cent to settle at Rs 45.15 a piece from its previous close at the BSE.