Saroj Poddar's Zuari not out of MCFL takeover battle

Written by PTI | Kolkata | Updated: Apr 25 2014, 01:19am hrs
Zuari Agro Chemicals Ltd Chairman Saroj Kumar Poddar is not yet out of the takeover battle for Vijay Mallya-promoted Mangalore Chemicals and Fertilizers Ltd (MCFL).

Deepak Fertilisers, the largest shareholder in MCFL, yesterday bid for control of the company by announcing an open offer to acquire up to 3.08 crore MCFL shares, comprising 26 per cent, at Rs 61.75 a share.

"We are evaluating and examining the development. All options are open," Poddar told PTI when asked about Deepak Fertilisers' Rs 190 crore open offer announcement after its stake in MCFL crossed the 25 per cent threshold.

Last year, Zuari acquired 16.43 per cent stake in MCFL and Deepak Fertilisers purchased 24.46 per cent.

Deepak Fertilisers said today its stake in MCFL increased to 25.3 per cent after buying additional shares for about Rs 6.26 crore.

Poddar had earlier said he was interested in MCFL at a valuation that made sense and did not favour any hostile move.

He said both Zuari and MCFL were the right fit and complementary for the growth of both companies.

However, he was also not averse to selling his own shares, depending on the offer he got, Poddar had said.

According to shareholding data, almost 11 per cent of MCFL's stake held by United Breweries (Holding) Ltd was encumbered.