Saroj Poddar-led Zuari group on Thursday announced a revised schedule to launch its fresh open offer to acquire an additional 36.56% in Mangalore Chemicals and Fertilisers (MCF). The date of commencement of the tendering period is April 21.
The group has retained the price of voluntary open offer at Rs 91.92 per share. MCF shares on Thursday closed at Rs 88.25 apiece on the Bombay Stock Exchange.
In a stock exchange filing, ICICI Securities, manager of the open offer, on behalf of Zuari Fertilisers and Chemicals, said the last date for upward revision of offer price and/or offer size is April 15.
Zuari Fertilisers and Chemicals made this offer in concert with Zuari Agro Chemicals, another firm owned by Adventz chief Poddar. Based on the offer size, the maximum consideration payable under this offer at the offer price of Rs. 91.92 per equity share would be Rs. 398.28 crore.
The offer closing date is May 6.
The Competition Commission had last month approved Zuari’s revised voluntary open offer to acquire an additional 36.56% in MCF.
Interestingly, Deepak Fertilisers has not launched any counter offer against Zuari’s bid to be in the race to gain control over MCF. Zuari and Sailesh Mehta’s Deepak Fertilizers were in the race to take control of the Karnataka-based fertilizer manufacturer.
According to industry observers, Deepak Fertilisers might tender its shares in Mangalore Chemicals and Fertilisers in favour of Zuari group to cash out during the fresh open offer launched by Poddar. Deepak Fertiliser’s CFO Somnath Patil was unavailable to make a comment on whether his company would sell its shares in MCF.